Cambria Shareholder Yield ETF (SYLD)
Cambria Foreign Shareholder Yield ETF (FYLD)
Cambria Global Value ETF (GVAL)
Cambria Global Momentum ETF (GMOM)
Cambria Global Asset Allocation ETF (GAA)
Cambria Value and Momentum ETF (VAMO)
Cambria Global Tail Risk ETF (FAIL)
Cambria Emerging Shareholder Yield ETF (EYLD)
Cambria Tail Risk ETF (TAIL)
Cambria Trinity ETF (TRTY)
Cambria Cannabis ETF (TOKE)
Cambria Global Real Estate ETF (BLDG)
Cambria Micro and SmallCap Shareholder Yield ETF (MYLD)
Cambria Tactical Yield ETF (TYLD)

Annual Report
April 30, 2024

Cambria Investment Management
Table of Contents

Shareholder Letter (Unaudited) ..............................................................................................................................................

1

Manager’s Discussion and Analysis of Fund Performance (Unaudited) ...................................................................................

8

Schedules of Investments ......................................................................................................................................................

22

Cambria Shareholder Yield ETF ..........................................................................................................................................

22

Cambria Foreign Shareholder Yield ETF .............................................................................................................................

24

Cambria Global Value ETF ..................................................................................................................................................

27

Cambria Global Momentum ETF ........................................................................................................................................

30

Cambria Global Asset Allocation ETF .................................................................................................................................

32

Cambria Value and Momentum ETF ...................................................................................................................................

34

Cambria Global Tail Risk ETF ..............................................................................................................................................

37

Cambria Emerging Shareholder Yield ETF ..........................................................................................................................

38

Cambria Tail Risk ETF .........................................................................................................................................................

41

Cambria Trinity ETF ............................................................................................................................................................

42

Cambria Cannabis ETF ......................................................................................................................................................

44

Cambria Global Real Estate ETF ........................................................................................................................................

46

Cambria Micro and SmallCap Shareholder Yield ETF .........................................................................................................

48

Cambria Tactical Yield ETF .................................................................................................................................................

50

Statements of Assets and Liabilities .......................................................................................................................................

51

Statements of Operations ......................................................................................................................................................

55

Statements of Changes in Net Assets ....................................................................................................................................

59

Financial Highlights ................................................................................................................................................................

66

Notes to Financial Statements ...............................................................................................................................................

80

Report of Independent Registered Public Accounting Firm .................................................................................................... 109
Disclosure of Fund Expenses (Unaudited) .............................................................................................................................. 111
Approval of Advisory Agreements & Board Considerations (Unaudited) .................................................................................. 113
Liquidity Risk Management Program (Unaudited) ................................................................................................................... 120
Trustees and Officers of the Cambria ETF Trust (Unaudited) ................................................................................................... 121
Notice to Shareholders (Unaudited) ....................................................................................................................................... 122
Supplemental Information (Unaudited) ................................................................................................................................... 123

Cambria ETF Trust

Shareholder Letter
April 30, 2024 (Unaudited)

Dear Shareholder:
We are pleased to present the following annual report for the Cambria ETF Trust.

SYLD
The Cambria Shareholder Yield ETF (“SYLD”) launched on May 13, 2013. For the three‐month period ended April 30, 2024, SYLD posted a gain of
3.22%. For the 12‐month period ended April 30, 2024, SYLD posted a gain of 20.84%. For the period since inception through April 30, 2024, SYLD
gained 274.04%.
We believe that the S&P 500 Index (S&P 500) serves as a suitable benchmark for SYLD. The table below shows the performance of the Fund (NAV) vs.
S&P 500 for the three‐month, 12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

SYLD
12.79%
274.04%20.84%
3.22%

Vs Benchmark

S&P 500
12.92%
278.80%22.66%
4.29%

The Fund’s performance (NAV) as of April 30, 2024 is as follows: 20.84% (1 year), 15.67% (annualized five year), 11.87% (annualized ten year), and12.79% (annualized since inception). The Fund’s performance (Market Price) as of April 30, 2024 is as follows: 20.82% (1 year), 15.67% (annualized fiveyear), 11.86% (annualized ten year), and 12.78% (annualized since inception).

FYLD
The Cambria Foreign Shareholder Yield ETF (“FYLD”) launched on December 2, 2013. For the three‐month period ended April 30, 2024, FYLD posted
a gain of 3.80%. For the 12‐month period ended April 30, 2024, FYLD posted a gain of 12.94%. For the period since inception through April 30, 2024,
FYLD posted a gain of 70.01%.
We believe that the MSCI EAFE Index (MSCI EAFE) serves as a suitable benchmark for FYLD. The table below shows the performance of the Fund (NAV)vs. MSCI EAFE for the three‐month, 12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

FYLD
5.23%
70.01%
12.94%
3.80%

Vs Benchmark

MSCI EAFE
5.14%
68.44%
9.84%
2.73%

The Fund’s performance (NAV) as of April 30, 2024 is as follows: 12.94% (1 year), 8.13% (annualized five year), 4.74% (annualized ten year), and 5.23%(annualized since inception). The Fund’s performance (Market Price) as of April 30, 2024 is as follows: 12.35% (1 year), 8.15% (annualized five year),
4.66% (annualized ten year), and 5.23% (annualized since inception).

GVAL
The Cambria Global Value ETF (“GVAL”) launched on March 11, 2014. For the three‐month period ended April 30, 2024, GVAL posted a gain of 4.81%.
For the 12‐month period ended April 30, 2024, GVAL posted a gain of 10.33%. For the period since inception through April 30, 2024, the Fund posted
a gain of 21.10%.

Annual Report | April 30, 2024 

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Cambria ETF Trust

Shareholder Letter
April 30, 2024 (Unaudited)

We believe that the MSCI ACWI Index (MSCI ACWI) serves as a suitable benchmark for GVAL. The table below shows the performance of the Fund
(NAV) vs. MSCI ACWI for the three‐month, 12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

GVAL
1.91%
21.10%
10.33%
4.81%

Vs Benchmark

MSCI ACWI
8.81%
135.33%18.02%
4.16%

The Fund’s performance (NAV) as of April 30, 2024 is as follows: 10.33% (1 year), 2.48% (annualized five year), 1.64% (annualized ten year), and 1.91%(annualized since inception). The Fund’s performance (Market Price) as of April 30, 2024 is as follows: 10.61% (1 year), 2.72% (annualized five year),
1.54% (annualized ten year), and 1.89% (annualized since inception).

GMOM
The Cambria Global Momentum ETF (“GMOM”) launched on November 3, 2014. For the three‐month period ended April 30, 2024, GMOM posted again of 4.08%. For the 12‐month period ended April 30, 2024, GMOM posted a gain of 3.98%. For the period since inception through April 30, 2024,
GMOM posted a gain of 40.88%.
We believe that a suitable benchmark for GMOM is the S&P Balanced Equity and Bond – Moderate Index (SPBXMI) because the equity‐bond blend is
the precursor to most modern asset allocation strategies. The table below shows the performance of the Fund (NAV) vs. SPBXMI for the three‐month,12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

GMOM
3.68%
40.88%
3.98%
4.08%

Vs Benchmark

SPBXMI
6.42%
80.39%
8.07%-0.02%The Fund’s performance (NAV) as of April 30, 2024 is as follows: 3.98% (1 year), 5.08% (annualized five year), and 3.68% (annualized since inception).
The Fund’s performance (Market Price) as of April 30, 2024 is as follows: 4.86% (1 year), 5.21% (annualized five year), and 3.74% (annualized
since inception).

GAA
The Cambria Global Asset Allocation ETF (“GAA”) launched on December 9, 2014. For the three‐month period ended April 30, 2024, GAA posted again of 2.43%. For the 12‐month period ended April 30, 2024, GAA posted a gain of 8.63%. For the period since inception through April 30, 2024, GAA
posted a gain of 56.27%.
We believe that a suitable benchmark for GAA is the S&P Balanced Equity and Bond – Moderate Index (SPBXMI) because the equity‐bond blend is the
precursor to most modern asset allocation strategies. The table below shows the performance of the Fund (NAV) vs. SPBXMI for the three‐month,12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

GAA
4.87%
56.27%
8.63%
2.43%

Vs Benchmark

SPBXMI
6.28%
77.21%
8.07%-0.02%The Fund’s performance (NAV) as of April 30, 2024 is as follows: 8.63% (1 year), 5.36% (annualized five year), and 4.87% (annualized since inception). The
Fund’s performance (Market Price) as April 30, 2024 is as follows: 9.55% (1 year), 5.60% (annualized five year), and 4.96% (annualized since inception).
2www.cambriafunds.com

Cambria ETF Trust

Shareholder Letter
April 30, 2024 (Unaudited)VAMO
The Cambria Value and Momentum ETF (“VAMO”) launched on September 8, 2015. For the three‐month period ended April 30, 2024, VAMO posted
a gain of 2.42%. For the 12‐month period ended April 30, 2024, VAMO posted a gain of 17.75%. For the period since inception through April 30, 2024,
VAMO posted a gain of 24.84%.
We believe that the S&P 500 Index (S&P 500) serves as a suitable benchmark for VAMO, as VAMO offers a diversified, value‐oriented exposure to US
equities with downside risk hedging. The table below shows the performance of the Fund (NAV) vs. S&P 500 for the three‐month, 12‐month and since
inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

VAMO
2.60%
24.84%
17.75%
2.42%

Vs Benchmark

S&P 500
13.53%
199.44%22.66%
4.29%

The Fund’s performance (NAV) as of April 30, 2024 is as follows: 17.75% (1 year), 7.91% (annualized five year), and 2.60% (annualized since inception).
The Fund’s performance (Market Price) as of April 30, 2024 is as follows 17.72% (1 year), 7.95% (annualized five year), and 2.60% (annualized
since inception).

FAIL
The Cambria Global Tail Risk ETF (“FAIL”) launched on February 22, 2016 and changed its name and investment objective on March 15, 2021. Fundperformance prior to March 15, 2021 reflects the investment objective and principal investment strategy of the Fund when it was the Cambria
Sovereign Bond ETF and it sought income and capital appreciation from investments in securities and instruments that provide exposure to sovereignand quasi-sovereign bonds. For the three‐month period ended April 30, 2024, the Fund posted a loss of 5.64%. For the 12‐month period ended April
30, 2024, the Fund posted a loss of 12.41%. For the period since inception through April 30, 2024, the Fund posted a loss of 16.49%.
We believe that a suitable benchmark for FAIL, given the Fund’s new investment objective and principal investment strategy, is the Bloomberg Barclays
US Short Treasury Index (“Short Treasury”). The table below shows the performance of the Fund (NAV) vs. the Short Treasury for the three‐month,12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024*

FAIL*-2.18%-16.49%-12.41%-5.64%

Vs Benchmark

Short Treasury
1.73%
15.09%
5.24%
1.20%

The Fund’s objective changed effective March 15, 2021.

The Fund’s performance (NAV) as of April 30, 2024 is as follows: -12.41% (1 year), -6.17% (annualized five year), and -2.18% (annualized since inception).
The Fund’s performance (Market Price) as of April 30, 2024 is as follows: -12.46% (1 year), -6.10% (annualized five year), and -2.15% (annualized
since inception).

EYLD
The Cambria Emerging Shareholder Yield ETF (“EYLD”) launched on July 13, 2016. For the three‐month period ended April 30, 2024, EYLD posted again of 11.12%. For the 12‐month period ended April 30, 2024, EYLD posted a gain of 26.91%. For the period since inception through April 30, 2024,
EYLD posted a gain of 104.22%.

Annual Report | April 30, 2024 

3

Cambria ETF Trust

Shareholder Letter
April 30, 2024 (Unaudited)

We believe that the MSCI Emerging Markets Index (MSCI EEM) serves as a suitable benchmark for EYLD. The table below shows the performance of
the Fund (NAV) vs. MSCI EEM for the three‐month, 12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

EYLD
9.59%
104.22%26.91%
11.12%

Vs Benchmark

MSCI EEM
5.44%
51.14%
10.33%
7.92%

The Fund’s performance (NAV) as of April 30, 2024 is as follows: 26.91% (1 year), 7.77% (annualized 5 year), and 9.59% (annualized since inception). The
Fund’s performance (Market Price) as of April 30, 2024 is as follows: 24.62% (1 year), 7.54% (annualized 5 year) and 9.56% (annualized since inception).

TAIL
The Cambria Tail Risk ETF (“TAIL”) launched on April 5, 2017. For the three‐month period ended April 30, 2024, TAIL posted a loss of 6.22%. For the 12‐month period ended April 30, 2024, TAIL posted a loss of 16.28%. For the period since inception through April 30, 2024, TAIL posted a loss of 47.51%.
We believe that a suitable benchmark for TAIL is the Bloomberg Barclays Short Treasury Index (Short Treasury). TAIL is not an aggressive hedging
strategy, and as such, an index of short-term Treasuries which approximates a conservative money‐market fund is a suitable benchmark. Short Treasury
tracks the market for treasury bills issued by the US government. The table below shows the performance of the Fund (NAV) vs. Short Treasury for thethree‐month, 12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

TAIL-8.72%-47.51%-16.28%-6.22%

Vs Benchmark

Short Treasury
1.93%
14.47%
5.24%
1.20%

The Fund’s performance (NAV) as of April 30, 2024 is as follows: -16.28% (1 year), -8.49% (annualized 5 year), and -8.72% (annualized since inception).
The Fund’s performance (Market Price) as of April 30, 2024 is as follows: -16.39% (1 year), -8.57% (annualized 5 year), and -8.75% (annualized
since inception).

TRTY
The Cambria Trinity ETF (“TRTY”) launched on September 10, 2018. For the three‐month period ended April 30, 2024, TRTY posted a gain of 2.99%.
For the 12‐month period ended April 30, 2024, TRTY posted a gain of 6.72%. For the period since inception through April 30, 2024, TRTY posted a gainof 23.88%.
We believe that a suitable benchmark for TRTY is the S&P Balanced Equity and Bond – Moderate Index (SPBXMI) because the equity‐bond blend is
the precursor to most modern asset allocation strategies. The table below shows the performance of the Fund (NAV) vs. SPBXMI for the three‐month,12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

TRTY
3.87%
23.88%
6.72%
2.99%

Vs Benchmark

SPBXMI
6.24%
40.68%
8.07%-0.02%The Fund’s performance (NAV) as of April 30, 2024 is as follows: 6.72% (1 year), 4.73% (annualized 5 year), and 3.87% (annualized since inception). The
Fund’s performance (Market Price) as of April 30, 2024 is 6.54% (1 year), 4.66% (annualized 5 year), and 3.84% (annualized since inception).
4www.cambriafunds.com

Cambria ETF Trust

Shareholder Letter
April 30, 2024 (Unaudited)

TOKE
The Cambria Cannabis ETF (“TOKE”) launched on July 25, 2019. For the three-month period ended April 30, 2024, TOKE posted a gain of 20.54%. For
the 12-month period ended April 30, 2024, TOKE posted a gain of 12.75%. For the period since inception through April 30, 2024, TOKE posted a lossof -67.99%.
We believe that the S&P 500 Index (S&P 500) serves as a suitable benchmark for TOKE. The table below shows the performance of the Fund (NAV) vs.
S&P 500 for the three‐month, 12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

TOKE-21.24%-67.99%12.75%
20.54%

Vs Benchmark

S&P 500
13.17%
80.39%
22.66%
4.29%

The Fund’s performance (NAV) as of April 30, 2024 is as follows: 12.75% (1 year) and -21.24% (annualized since inception). The Fund’s performance(Market Price) as of April 30, 2024 is as follows: 12.97% (1 year) and -21.20% (annualized since inception).

BLDG
The Global Real Estate ETF (“BLDG”) launched on September 24, 2020. For the three-month period ended April 30, 2024, BLDG posted a loss of 1.40%.
For the 12-month period ended April 30, 2024, BLDG posted a gain of 2.68%. For the period since inception through April 30, 2024, BLDG posted again of 18.08%.
We believe that a suitable benchmark for BLDG is the FTSE EPRA/NAREIT Global REIT Index (ENXG). The table below shows the performance of theFund (NAV) vs. ENXG for the three‐month, 12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

BLDG
4.72%
18.08%
2.68%-1.40%

Vs Benchmark

ENXG
5.68%
22.02%-0.83%-3.82%The Fund’s performance (NAV) as of April 30, 2024 is as follows: 2.68% (1 year) and 4.72% (annualized since inception). The Fund’s performance(Market Price) as of April 30, 2024 is as follows: 2.80% (1 year) and 4.88% (annualized since inception).

MYLD
The Micro and SmallCap Shareholder Yield ETF (“MYLD”) launched on January 4, 2024. For the three-month period ended April 30, 2024, MYLD posted
a gain of 1.16%. For the period since inception through April 30, 2024, BLDG posted a gain of 2.31%.
We believe that a suitable benchmark for MYLD is the S&P Small Cap 600 Index (SML). The table below shows the performance of the Fund (NAV) vs.
SML for the three‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

MYLD
—%
2.31%
—%
1.16%

Vs Benchmark

SML—%-0.06%—%
0.68%

The Fund’s performance (NAV) as of April 30, 2024 is as follows: 2.31% (cumulative since inception). The Fund’s performance (Market Price) as ofApril 30, 2024 is as follows: 2.54% (cumulative since inception).
Annual Report | April 30, 2024 

5

Cambria ETF Trust

Shareholder Letter
April 30, 2024 (Unaudited)

TYLD
The Tactical Yield ETF (“TYLD”) launched on January 4, 2024. For the three-month period ended April 30, 2024, TYLD posted a gain of 1.10%. For theperiod since inception through April 30, 2024, TYLD posted a gain of 1.45%.
We believe that a suitable benchmark for TYLD is the ICE BofA US 3-Month Treasury Bill Index (G0O1). The table below shows the performance of theFund (NAV) vs. G0O1 for the three‐month, 12‐month and since inception periods ended April 30, 2024.

Annualized Returns Since Inception
Cumulative Returns Since Inception
12 Months Ended 4/30/2024
3 Months Ended 4/30/2024

TYLD
—%
1.45%
—%
1.10%

Vs Benchmark

G0O1
—%
1.70%
—%
1.29%

The Fund’s performance (NAV) as of April 30, 2024 is as follows: 1.45% (cumulative since inception). The Fund’s performance (Market Price) as ofApril 30, 2024 is as follows: 1.69% (cumulative since inception).
Sincerely,
Mebane Faber

6www.cambriafunds.com

Cambria ETF Trust

Shareholder Letter
April 30, 2024 (Unaudited)

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal
value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost and current
performance may be lower or higher than the performance quoted.
Shares are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Market price returns are based upon the
midpoint of the bid/ask spread at the close of the exchange and does not represent the returns an investor would receive if shares were traded atother times. Brokerage commissions will reduce returns. NAVs are calculated using prices as of 4:00 PM Eastern Time.
The information provided represents the opinion of the manager at a specific point in time and is not intended to be a forecast of future events, aguarantee of future events or investment advice.
Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.
The S&P 500 Index is a diverse index that includes 500 American companies that represent over 70% of the total market capitalization of the U.S.
stock market.
The S&P Smallcap 600 Index is a capitalization-weighted index that measures the performance of selected U.S. stocks with a small market capitalization.
The S&P Balanced Equity and Bond Index is comprised of three multi-asset class indices, each with a particular risk level. The indices consist of U.S.
Treasury Bonds and Equities with the following asset mix proportions: Conservative: 75% Treasuries/25% Equities, Moderate: 50% Treasuries/50%
Equities, Growth: 25% Treasuries/75% Equities. The Moderate Index (SPBXMI) has long been used by academia and practitioners alike as ameasurement for broad asset allocation strategies.
The MSCI EAFE Index is a free float-adjusted market capitalization weighted index, designed to measure developed market equity performance,
excluding the U.S. and Canada, consisting of 21 stock markets in Europe, Australasia, and the Far East.
The MSCI ACWI Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance ofdeveloped and emerging markets. MSCI ACWI consists of 47 country indexes comprising 23 developed and 24 emerging market country indexes.
MSCI Emerging Markets Index is a free-float weighted equity index that captures large- and mid-cap representation across emerging markets countries.
The index covers approximately 85% of the free float-adjusted market capitalization in each country.
The FTSE World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. WGBI
is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has morethan 25 years of history available. WGBI provides a broad benchmark for the global sovereign fixed income market. Sub-indices are available in any
combination of currency, maturity, or rating.
The Bloomberg Barclays US Short Treasury Index is composed of zero-coupon Treasury Bills and fixed-rate Treasury bonds with a maturity between
one and 12 months. As Treasury bonds and notes fall below one year-to-maturity and exit the US Treasury Index, they become eligible for the Short
Treasury Index. Maturity sub-indices are published in three-month increments: 1-3 month, 3-6 month, 6-9 month, and 9-12 month and can be separated
into sub-indices that only include bills or only include notes that have aged below 1-year.
The FTSE EPRA/NAREIT Global REIT Index measures the total return, stated in US dollar terms, of the size- and liquidity-screened stocks in bothdeveloped and emerging markets of the publicly traded real estate companies that qualify for REIT status under the tax law in the country of domicile.
The ICE BofA US 3-Month Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At theend of the month that issue is sold and rolled into a newly selected issue.

Annual Report | April 30, 2024 

7

Manager’s Discussion andAnalysis of Fund Performance

Cambria Shareholder Yield ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Shareholder Yield ETF versus the S&P 500 Index
For the 12‐month period ended April 30, 2024, SYLD returned 20.84% at net asset value (NAV) and 20.82% at market underperforming its benchmark,the S&P 500 Index, by 1.82%. An overweight allocation and security selection in energy, financials, and materials and with security selection in
Industrial drove positive performance. Underweight allocations and security selection in technology and communication services offset some of thepositive performance relative to the benchmark.
On a contribution to total return basis financials, energy, and industrials were the best performers contributing 5.38%, 5.24%, and 3.81% respectively.
On a contribution to total return basis technology contributed 0.17% for SYLD compared to a CTR of 10.04% for the benchmark.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
20.84%
20.82%
22.66%

Cambria Shareholder Yield ETF - NAV
Cambria Shareholder Yield ETF - Market
S&P 500 Index

3 Year
5.87%
5.81%
8.06%

5 Year
15.67%
15.67%
13.19%

10 Year11.87%
11.86%
12.41%

Since Inception*
12.79%
12.78%
12.92%$40,000$32,206$30,706$30,000$20,000$10,000

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Cambria Shareholder Yield ETF
S&P 500 Index*

Fund inception date is May 13, 2013.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.59%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
index is unmanaged and is not available for investment.
There are no assurances that the Fund will meet its stated objectives.
S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with eachstock’s weight in the Index proportionate to its market value.

8www.cambriafunds.com

Manager’s Discussion andAnalysis of Fund Performance

Cambria Foreign Shareholder Yield ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Foreign Shareholder Yield ETF versus the MSCI EAFE Index
For the 12‐month period ended April 30, 2024, FYLD returned 12.94% at net asset value (NAV) and 12.35% at market outperforming its benchmark,the MSCI EAFE Total Return Index, by 3.10%. During this period an overweight allocation and security selection in Japan, Canada, Norway, and Australia
drove outperformance relative to EAFE. Security selection in Denmark and Luxembourg offset outperformance somewhat.
On a contribution to total return basis Japan, Canada, and Australia allocations were the best performers contributing 6.24%, 2.97% and 1.62%
respectively. On a contribution to total return basis Hong Kong, Luxembourg, and Denmark allocations were the worst performers contributing ‐0.87%,-0.53%, and -0.48% respectively.

Average Annual Total Return for the Year Ended April 30, 2024:
Cambria Foreign Shareholder Yield ETF - NAV
Cambria Foreign Shareholder Yield ETF - Market
MSCI EAFE Index

1 Year
12.94%
12.35%
9.84%

3 Year
4.97%
4.70%
3.39%

5 Year
8.13%
8.15%
6.70%

10 Year
4.74%
4.66%
4.88%

Since Inception*
5.23%
5.23%
5.14%

$20,000$16,105$15,895$15,000$10,000$5,000

4
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30
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3
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2
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4/

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0
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4/

9
4/

30

/1

8
/1
30
4/

7
/1
30
4/

6
/1
30
4/

5
/1
30
4/

4/

30

/1

4

$0

Cambria Foreign Shareholder Yield ETF
MSCI EAFE Index*

Fund inception date is December 2, 2013.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.59%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization weighted index that is designed to measure the equity
market performance of developed markets, excluding the US & Canada. The MSCI EAFE Index consists of the following 21 developed market country
indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand,
Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

Annual Report | April 30, 2024 

9Manager’s Discussion andAnalysis of Fund Performance

Cambria Global Value ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Value ETF versus the MSCI AC World Index
For the 12‐month period ended April 30, 2024, GVAL returned 10.33% at net asset value (NAV) and 10.61% at market underperforming its benchmark,the MSCI AC World Index, by 7.69%. Overweight allocation to and security selection in Hong Kong and Singapore along with no US exposure led theunderperformance relative to ACWI.
On a contribution to total return basis Italy, Poland, and Brazil allocations were the best performers contributing 3.80%, 3.06%, 1.43% respectively.
On a contribution to total return Hong Kong, Singapore, and Colombia allocations were the worst performers contributing ‐1.11%, ‐0.32% and‐0.03% respectively.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
10.33%
10.61%
18.02%

Cambria Global Value ETF - NAV
Cambria Global Value ETF - Market
MSCI AC World Index

3 Year
2.97%
2.97%
4.76%

5 Year
2.48%
2.72%
9.97%

10 Year
1.64%
1.54%
8.75%

Since Inception*
1.91%
1.89%
8.81%

$25,000$23,135$20,000$15,000$11,765$10,000$5,000

4
/2
30
4/

3
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30
4/

2
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30
4/

1
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30
4/

0
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30
4/

9
4/

30

/1

8
/1
30
4/

7
4/

30

/1

6
/1
30
4/

5
/1
30
4/

4/

30

/1

4

$0

Cambria Global Value ETF
MSCI ACWI*

Fund inception date is March 11, 2014.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.70%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
MSCI AC World Index: is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance ofdeveloped and emerging markets. The MSCI ACWI consists of 47 country indices comprising 23 developed and 24 emerging market country indices.
The developed market country indices included are: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland,Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.
The emerging market country indices included are: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea,
Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.
10www.cambriafunds.com

Manager’s Discussion andAnalysis of Fund Performance

Cambria Global Momentum ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Momentum ETF versus the
S&P Balanced Equity & Bond – Moderate Index
For the 12‐month period ended April 30, 2024, GMOM returned 3.98% at net asset value (NAV) and 4.86% at market underperforming its benchmark,the S&P Balanced Equity & Bond Moderate Index, by 4.09%. GMOM is a tactical trend and momentum strategy. Underperformance relative to thebenchmark was primarily driven by natural resources, commodities, and energy,
On a contribution to total return basis emerging market equities, US equities, and foreign developed equities were the best performers contributing
3.22%, 2.09% and 1.51% respectively. On a contribution to total return basis gold miners, physical gold and Energy were the worst performers
contributing -1.53%, ‐0.68% and ‐0.58% respectively.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
3.98%
4.86%
8.07%

Cambria Global Momentum ETF - NAV
Cambria Global Momentum ETF - Market
S&P Balanced Equity & Bond - Moderate Index

3 Year
1.47%
1.67%
1.44%

5 Year
5.08%
5.21%
6.11%

Since Inception*
3.68%
3.74%
6.42%

$20,000$18,039$15,000$14,088$10,000$5,000

4
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30
4/

3
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30
4/

2
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30
4/

1
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30
4/

0
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30
4/

9
4/

30

/1

8
/1
30
4/

7
/1
30
4/

6
/1
30
4/

5
/1
30
4/

11

/3

/1

4

$0

Cambria Global Momentum ETF
S&P Balanced Equity and Bond - Moderate Index*

Fund inception date is November 3, 2014.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 1.11%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
index is unmanaged and is not available for investment.
There are no assurances that the Fund will meet its stated objectives.
S&P Balanced Equity & Bond – Moderate Index the S&P 500 Balanced Equity & Bond – Moderate Index combines investable S&P indices for core
equity and fixed income to provide a regularly rebalanced multi-asset measure for moderate risk-reward profiles. The construction of the index consistsof a position in the S&P 500 Total Return Index with 50% weight, and a position in the S&P U.S. Treasury Bond 7-10 Year Index with 50% weight.

Annual Report | April 30, 2024 

11

Manager’s Discussion andAnalysis of Fund Performance

Cambria Global Asset Allocation ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Asset Allocation ETF versus the
S&P Balanced Equity & Bond – Moderate Index
For the 12‐month period ended April 30, 2024, GAA returned 8.63% at net asset value (NAV) and 9.55% at market outperforming its benchmark, theS&P Balanced Equity & Bond Moderate Index, by 0.56%. GAA is a buy and hold global asset allocation portfolio. U.S. along with foreign developed andemerging equity exposure were the primary drivers of returns during the period. Positive performance was offset slightly by global debt exposure.
On a contribution to total return basis US equities, emerging market equities, and foreign developed equities were the best performers contributing
4.00%, 2.40% and 1.23% respectively. On a contribution to total return basis US long term debt, sovereign debt, and TIPS were the worst performers
contributing ‐0.29%, ‐0.09% and ‐0.02% respectively.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
8.63%
9.55%
8.07%

Cambria Global Asset Allocation ETF - NAV
Cambria Global Asset Allocation ETF - Market
S&P Balanced Equity & Bond - Moderate Index

3 Year
1.22%
1.26%
1.44%

5 Year
5.36%
5.60%
6.11%

Since Inception*
4.87%
4.96%
6.28%

$20,000$17,721$15,627$15,000$10,000$5,000

4
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30
4/

3
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30
4/

2
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30
4/

1
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4/

0
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30
4/

9
4/

30

/1

8
/1
30
4/

7
/1
30
4/

6
/1
30
4/

5
/1
30
4/

12

/9

/1

4

$0

Cambria Global Asset Allocaon ETF
S&P Balanced Equity and Bond - Moderate Index*

Fund inception date is December 9, 2014.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.42%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
S&P Balanced Equity & Bond – Moderate Index the S&P 500 Balanced Equity & Bond – Moderate Index combines investable S&P indices for core
equity and fixed income to provide a regularly rebalanced multi-asset measure for moderate risk-reward profiles. The construction of the index consistsof a position in the S&P 500 Total Return Index with 50% weight, and a position in the S&P U.S. Treasury Bond 7-10 Year Index with 50% weight.

12www.cambriafunds.com

Manager’s Discussion andAnalysis of Fund Performance

Cambria Value and Momentum ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Value and Momentum ETF versus S&P 500 Index
For the 12‐month period ended April 30, 2024, VAMO returned 17.75% at net asset value (NAV) and 17.72% at market underperforming its benchmark,the S&P 500 Index, by 4.91%. VAMO’s underperformance was driven by its target 50% hedge against the S&P 500 as well as an underweight allocation
to technology and communication services sectors relative to the benchmark.
On a contribution to total return basis consumer discretionary, industrials, and energy were the best performing sectors contributing 6.61%, 6.44%,
and 3.60% respectively. On a contribution to total return basis consumer staples, communication services, and health care were the worst performing
sectors contributing ‐0.11%, 0.16% and 0.72% respectively.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
17.75%
17.72%
22.66%

Cambria Value and Momentum ETF - NAV
Cambria Value and Momentum ETF - Market
S&P 500 Index

3 Year
8.75%
9.05%
8.06%

5 Year
7.91%
7.95%
13.19%

Since Inception*
2.60%
2.60%
13.53%$40,000$30,000$29,944$20,000$12,484$10,000

4/

30

/2

4

3
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30
4/

2
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30
4/

4/

30

/2

1

0
/2
30
4/

9
/1
30
4/

8
4/

30

/1

7
4/

30

/1

6
/1
30
4/

9/

8/

15

$0

Cambria Value and Momentum ETF
S&P 500 Index*

Fund inception date is September 8, 2015.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.59%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with eachstock’s weight in the Index proportionate to its market value.

Annual Report | April 30, 2024 

13

Manager’s Discussion andAnalysis of Fund Performance

Cambria Global Tail Risk ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Tail Risk ETF versus theBloomberg Short Treasury Total Return Index
For the 12‐month period ended April 30, 2024, FAIL returned ‐12.41% at net asset value and ‐12.46% at market underperforming its benchmark, theBloomberg Short Treasury Total Return Index, by 17.65%. MSCI EAFE and EM Indices were both up for the 12-month period ending April 30, 2024 so
the put options on MXEA and MXEF indices drove negative performance. US Government Bonds also contributed negatively to performance. Negative
performance was slightly offset by Foreign Bonds.
On a contribution to total return basis foreign developed and EM bonds were the best performers. MXEA and MXEF Index options and US Bonds were
the worst performers.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
-12.41%-12.46%
5.24%

Cambria Global Tail Risk ETF - NAV
Cambria Global Tail Risk ETF - Market
Bloomberg Short Treasury Total Return Index

3 Year
-10.08%-9.61%
2.55%

5 Year-6.17%-6.10%
2.04%

Since Inception*-2.18%-2.15%
1.73%$20,000$15,000$11,509$10,000$8,351$5,000

4/

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3
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30
4/

4/

30

/1

9

8
/1
30
4/

7
/1
30
4/

2/

22
4/ /1630/1
6$0

Cambria Global Tail Risk ETF
Bloomberg Short Treasury Total Return Index*

Fund inception date is February 22, 2016.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.71%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
The put options purchased by FAIL give the Fund with the right to sell the underlying asset (index or ETF) to the put seller at a specified price(strike price) within a specified time period.
Bloomberg Short Treasury Total Return Index is composed of zero-coupon Treasury Bills and fixed-rate. Treasury bonds with a maturity between 1 and12 months. As Treasury bonds and notes fall below one year-to-maturity and exit the U.S. Treasury Index, they become eligible for the Short Treasury
Index. Maturity subindices are published in three-month increments: 1-3 month, 3-6 month, 6-9 month, and 9-12 month and can be separated into
subindices that only include bills or only include notes that have aged below 1-year.
14www.cambriafunds.com

Manager’s Discussion andAnalysis of Fund Performance

Cambria Emerging Shareholder Yield ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Emerging Shareholder Yield ETF versus the
MSCI Emerging Markets Index
For the 12‐month period ended April 30, 2024, EYLD returned 26.91% at net asset value (NAV) and 24.62% at market outperforming its benchmark, the
MSCI Emerging Markets Total Return Index, by 16.58%. Security selection and allocation bets in China, Taiwan, and South Korea relative to the MSCIEmerging Markets Total Return Index was the primary driver of outperformance.
On a contribution to total return basis Taiwan, China, and South Korea allocations were the best performers contributing 6.69%, 6.42%, and 6.22%
respectively. On a contribution to total return basis Czech Republic, Thailand, and Indonesia allocations were the worst performers contributing‐0.16%, 0.00% and 0.21% respectively.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
26.91%
24.62%
10.33%

Cambria Emerging Shareholder Yield ETF - NAV
Cambria Emerging Shareholder Yield ETF - Market
MSCI Emerging Markets Index

3 Year2.38%
2.17%-5.31%

5 Year
7.77%
7.54%
2.28%

Since Inception*
9.59%
9.56%
5.44%

$25,000$20,000$20,422$15,000$15,114$10,000$5,000

4
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30
4/

3
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30
4/

2
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30
4/

1
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30
4/

0
4/

30

/2

9
/1
30
4/

8
4/

30

/1

7
/1
30
4/

7/

13

/1

6

$0

Cambria Emerging Shareholder Yield ETF
MSCI Emerging Markets Index*

Fund inception date is July 13, 2016 and the Fund commenced operations on July 14, 2016.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.64%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
MSCI Emerging Markets Index is a free-float weighted equity index that captures large and mid-cap representation across Emerging Markets (EM)countries. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

Annual Report | April 30, 2024 

15

Manager’s Discussion andAnalysis of Fund Performance

Cambria Tail Risk ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Tail Risk ETF versus theBloomberg Short Treasury Total Return Index
For the 12‐month period ended April 30, 2024, TAIL returned ‐16.28% at net asset value (NAV) and ‐16.39% at market underperforming its benchmark,the Bloomberg Short Treasury Total Return Index, by 21.52%. With the S&P 500 positive for the 12‐month period TAIL’s Put Options on the S&P 500
were the primary driver of negative performance. Long duration US treasury exposure also contributed to negative performance.
On a contribution to total return SPX Index put options were the worst performer contributing ‐12.84% to performance.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
-16.28%-16.39%
5.24%

Cambria Tail Risk ETF - NAV
Cambria Tail Risk ETF - Market
Bloomberg Short Treasury Total Return Index

3 Year
-12.48%-12.60%2.55%

5 Year
-8.49%-8.57%
2.04%

Since Inception*-8.72%-8.75%
1.93%$20,000$15,000$11,447$10,000$5,249$5,000

4
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30
4/

3
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30
4/

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30
4/

1
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30
4/

0
/2
30
4/

9
4/

30

/1

8
/1
30
4/

4/

5/

17

$0

Cambria Tail Risk ETF
Bloomberg Short Treasury Total Return Index*

Fund inception date is April 5, 2017.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.59%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
Bloomberg Short Treasury Total Return Index is composed of zero-coupon Treasury Bills and fixed-rate. Treasury bonds with a maturity between 1 and12 months. As Treasury bonds and notes fall below one year-to-maturity and exit the U.S. Treasury Index, they become eligible for the Short Treasury
Index. Maturity subindices are published in three-month increments: 1-3 month, 3-6 month, 6-9 month, and 9-12 month and can be separated into
subindices that only include bills or only include notes that have aged below 1-year.

16www.cambriafunds.com

Manager’s Discussion andAnalysis of Fund Performance

Cambria Trinity ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Trinity ETF versus the
S&P Balanced Equity & Bond – Moderate Index
For the 12‐month period ended April 30, 2024, TRTY returned 6.72% at net asset value (NAV) and 6.54% at market underperforming its benchmark,the S&P Balanced Equity & Bond Moderate Index, by 1.35%. The main drivers of underperformance performance were commodities, precious metals,
and energy.
On a contribution to total return basis emerging market equity, US equities, and foreign developed equity were the best performers contributing
2.10%, 1.61% and 0.70% respectively. On a contribution to total return basis gold miners, physical gold, and energy were the worst performers
contributing ‐0.52%, ‐0.21% and ‐0.16% respectively.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
6.72%
6.54%
8.07%

Cambria Trinity ETF - NAV
Cambria Trinity ETF - Market
S&P Balanced Equity & Bond – Moderate Index

3 Year
2.14%
2.07%
1.44%

5 Year
4.73%
4.66%
6.11%

Since Inception*
3.87%
3.84%
6.24%

$20,000$15,000$14,068$12,388$10,000$5,000

4
/2
30
4/

3
4/

30

/2

2
/2
30
4/

1
/2
30
4/

4/

30

/2

0

9
/1
30
4/

9/

10

/1

8

$0

Cambria Trinity ETF
S&P Balanced Equity and Bond - Moderate Index*

Fund inception date is September 17, 2018.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.50%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
S&P Balanced Equity & Bond – Moderate Index the S&P 500 Balanced Equity & Bond – Moderate Index combines investable S&P indices for core
equity and fixed income to provide a regularly rebalanced multi-asset measure for moderate risk-reward profiles. The construction of the index consistsof a position in the S&P 500 Total Return Index with 50% weight, and a position in the S&P U.S. Treasury Bond 7-10 Year Index with 50% weight.

Annual Report | April 30, 2024 

17

Manager’s Discussion andAnalysis of Fund Performance

Cambria Cannabis ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Cannabis ETF versus the S&P 500 Index
For the 12‐month period ended April 30, 2024, TOKE returned 12.75% at net asset value (NAV) and 13.47% at market underperforming its benchmark,the S&P 500 Index, by 9.91%. Underperformance of TOKE over the period can be attributed to the underperformance of marijuana and ancillary
marijuana companies relative to the S&P 500. As a thematic fund, we generally expect the Fund to underperform when the overall cannabis industry
does poorly and vice versa.
On a contribution to total return basis IIPR, Cronos, and SNDL were the best performers contributing 2.80%, 2.67% and 2.29% respectively. On
a contribution to total return basis MYMD, Jazz Pharmaceutical, and Tilray Brands were the worst performers contributing ‐2.53%, ‐1.80% and‐1.22% respectively.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year
12.75%
13.47%
22.66%

Cambria Cannabis ETF - NAV
Cambria Cannabis ETF - Market
S&P 500 Index

3 Year
-26.82%-26.82%
8.06%

Since Inception*-21.24%-21.20%13.17%$20,000$18,039$15,000$10,000$5,000$3,201
4
/2
30
4/

3
/2
30
4/

2
4/

30

/2

1
/2
30
4/

0
/2
30
4/

7/

24

/1

9

$0

Cambria Cannabis ETF
S&P 500 Index*

Fund inception date is July 24, 2019.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.59%; however, TOKE’s investment adviser
has agreed to waive 17 basis points (0.17%) of its management fees for the Fund until at least August 31, 2024. This agreement may be terminated only
by, or with the consent of, the Trust’s Board of Trustees.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
S&P 500 Index is a market-value weighted index consisting of 500 stocks chosen for market size, liquidity, and industry group representation, with eachstock’s weight in the Index proportionate to its market value.
18www.cambriafunds.com

Manager’s Discussion andAnalysis of Fund Performance

Cambria Global Real Estate ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Global Real Estate ETF versus the
FTSE EPRA Nareit Global REITs Index
For the 12‐month period ended April 30, 2024, BLDG returned 2.68% at net asset value (NAV) and 2.80% at market outperforming its benchmark,the FTSE EPRA Nareit Global REITs Index, by 3.51%. From a global perspective, positive returns were driven primarily by the US, Mexico, and South
Africa. From a sub-sector perspective, positive returns were driven by retail, industrial and Health Care REITs. Office and hotel REITs detracted slightly
from performance.
On a contribution to total return basis US, Mexico, and South Africa allocations were the best performers contributing 3.99%, 1.67%, and 0.67%
respectively. On a contribution to total return basis Hong Kong, Australia, and Canada allocations were the worst performers contributing ‐0.87%,‐0.44% and ‐0.32% respectively.

Average Annual Total Return for the Year Ended April 30, 2024:
1 Year2.68%
2.80%-0.83%

Cambria Global Real Estate ETF - NAV
Cambria Global Real Estate ETF - Market
FTSE EPRA Nareit Global REITs Index

3 Year-2.75%-2.56%-3.45%

Since Inception*
4.72%
4.88%
5.68%

$20,000$15,000$12,202$11,808$10,000$5,000

4
/2
30
4/

3
/2
30
4/

2
4/

30

/2

1
/2
30
4/

9/

23

/2

0

$0

Cambria Global Real Estate ETF
FTSE EPRA Nareit Global REITs Index*

Fund inception date is September 23, 2020.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.59%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
FTSE EPRA Nareit Global REITs Index: measures the total return, stated in US dollar terms, of the size- and liquidity-screened stocks in bothdeveloped and emerging markets of the publicly traded real estate companies that qualify for REIT status under the tax law in the country of domicile.

Annual Report | April 30, 2024 

19

Manager’s Discussion andCambria Micro and SmallCap Shareholder Yield ETF Analysis of Fund Performance
April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Micro and SmallCap Shareholder Yield ETF versus the
S&P SmallCap 600 Index
For the period ended April 30, 2024, MYLD returned 2.31% at net asset value (NAV) and 2.54% at market outperforming its benchmark, the S&P
SmallCap 600 Index, by 2.37%. An allocation and security selection in Energy, Financials, healthcare drove out performance relative to the benchmark.
Security selection in consumer discretionary offset some of the outperformance relative to the benchmark.
On a contribution to total return basis industrials, Energy and Financial were the best performers contributing 1.13%, 1.07%, and 0.81% respectively.
On a contribution to total return basis consumer discretionary, information technology, and communication services were the worst performers
contributing -1.12%, -0.25%, and -0.14%, respectively.
Since Inception*
2.31%
2.54%
-0.06%

Cambria Micro and SmallCap Shareholder Yield ETF - NAV
Cambria Micro and SmallCap Shareholder Yield ETF - Market
S&P SmallCap 600 Index$15,000$10,231$9,994$10,000$5,000

4
/2
30
4/

4
/2
31
3/

4
2/

29

/2

4
/2
31
1/

1/

3/

24

$0

Cambria Micro and Small Cap Shareholder Yield ETF
S&P SmallCap 600 Index*

Fund inception date is January 4, 2024.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.59%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
S&P SmallCap 600 Index: is a capitalization-weighted index that measures the performance of selected U.S. stocks with a small market capitalization.

20www.cambriafunds.com

Manager’s Discussion andAnalysis of Fund Performance

Cambria Tactical Yield ETF

April 30, 2024 (Unaudited)

Comparison of Change in the Value of a $10,000 Investment in the Cambria Tactical Yield ETF versus the
ICE BofA U.S. 3-Month Treasury Bill Total Return Index
For the period ended April 30, 2024, TYLD returned 1.45% at net asset value (NAV) and 1.69% at market underperforming its benchmark, the ICE
BofA U.S. 3-Month Treasury Bill Total Return Index, by 0.25%. TYLD is a tactical bond fund that rotates between fixed income segments based on acomparison of yield spreads relative to T-Bills and their historical average yield spreads relative to T-Bills. Over the period ending April 30, 2024, TYLD
was 100% invested in T-Bills with durations ranging from 3-months to 1-year.
On a contribution to total return basis all return is attributed to investments in T-Bills.

Cumulative Returns for the Period Ended April 30, 2024:
Since Inception*
1.45%
1.69%
1.70%

Cambria Tactical Yield ETF - NAV
Cambria Tactical Yield ETF - Market
ICE BofA US 3-Month Treasury Bill Total Return Index$15,000$10,170$10,145$10,000$5,000

4
/2
30
4/

4
/2
31
3/

4
2/

29

/2

4
/2
31
1/

1/

3/

24

$0

Cambria Taccal Yield ETF
ICE BofA US 3-Month Treasury Bill Total Return Index*

Fund inception date is January 4, 2024.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, whenredeemed, may be worth less than its original cost.
Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund.
Current performance may be lower or higher than the performance quoted. For the most recent month-end performance information please call
855-ETF-INFO (383-4636). As stated in the Fund’s prospectus, the annual fund operating expenses are 0.59%.
Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s
performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s
returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. The
indexes are unmanaged and are not available for investment.
There are no assurances that the Fund will meet its stated objectives.
[Index]Annual Report | April 30, 2024 

21

Cambria Shareholder Yield ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
EnergyFinancials
Consumer Discretionary
Materials
Industrials
Communication Services
Information Technology
Health Care
Consumer Staples

23.6%
18.4%
17.0%
15.8%
12.1%
4.0%
3.9%
3.1%
2.1%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments and investments purchased with proceedsfrom securities lending.
SharesValue

Common Stocks - 99.1%
Communication Services - 4.0%
AT&T, Inc.
Comcast Corp. - Class A
Fox Corp. - Class A
Verizon Communications, Inc.
Consumer Discretionary - 16.9%
Academy Sports & Outdoors, Inc.
Adtalem Global Education, Inc.(a)AutoNation, Inc.(a)Brunswick Corp.
Carter’s, Inc.
Dillard’s, Inc. - Class A
Ethan Allen Interiors, Inc.
Haverty Furniture Cos., Inc.
KB HomeODP Corp.(a)Penske Automotive Group, Inc.
PulteGroup, Inc.
PVH Corp.
Tapestry, Inc.
Toll Brothers, Inc.
Travel + Leisure Co.
Under Armour, Inc. - Class C(a)Whirlpool Corp.

706,669 $11,935,639
287,874
10,970,878
398,847
12,368,246
11,693,621
296,116
46,968,384
184,677
241,888
75,019129,665
146,746
27,089361,221368,917
175,890234,908
76,575
103,341
89,056
262,857
95,838257,583
1,749,071
104,363

10,766,669
12,002,483
12,089,312
10,456,186
10,038,894
11,864,711
10,200,881
11,362,644
11,390,636
11,959,166
11,709,083
11,514,254
9,689,293
10,493,251
11,415,264
11,215,164
11,403,943
9,899,874
199,471,708

Value

Common Stocks - 99.1% (Continued)
Consumer Staples - 2.1%
Cal-Maine Foods, Inc.
Kraft Heinz Co.

212,261 $11,744,401
13,048,443
337,955
24,792,844

Energy - 23.4%
APA Corp.
California Resources Corp.
Chesapeake Energy Corp.(b)Chevron Corp.
Chord Energy Corp.
CNX Resources Corp.(a)ConocoPhillips
CONSOL Energy, Inc.
Coterra Energy, Inc.
CVR Energy, Inc.
Devon Energy Corp.
EOG Resources, Inc.
Exxon Mobil Corp.
Magnolia Oil & Gas Corp. - Class A
Marathon Oil Corp.
Marathon Petroleum Corp.
PBF Energy, Inc. - Class A
Peabody Energy Corp.
Phillips 66
Pioneer Natural Resources Co.
Plains GP Holdings LP - Class A
SM Energy Co.
Valero Energy Corp.

362,956
226,292
140,239
78,842
69,882
523,508
97,676148,269
447,070
347,034
248,270
97,311
106,895
482,837
440,353
62,047
216,617511,367
76,49747,536
683,724
251,505
73,017

11,411,337
11,961,795
12,604,681
12,714,849
12,367,716
12,312,908
12,270,059
12,270,742
12,231,835
10,542,893
12,706,459
12,857,703
12,642,472
12,104,724
11,823,478
11,275,181
11,539,188
11,219,392
10,955,135
12,802,396
12,450,614
12,195,477
11,673,228
276,934,262

Financials - 18.2%
Affiliated Managers Group, Inc.
Aflac, Inc.
American Financial Group, Inc.
Ameriprise Financial, Inc.
Assured Guaranty Ltd.
Discover Financial Services
Federated Hermes, Inc. - Class B
Jefferies Financial Group, Inc.
Lincoln National Corp.
Loews Corp.
MetLife, Inc.
Mr. Cooper Group, Inc.(a)Principal Financial Group, Inc.
PROG Holdings, Inc.
SLM Corp.

74,436
144,602
91,14028,398142,098
95,179344,634
281,436
389,685
158,159
167,883
159,279
143,912361,639
573,897

11,619,460
12,095,957
11,643,135
11,694,012
10,898,917
12,062,035
11,321,227
12,118,634
10,626,710
11,885,649
11,933,124
12,296,339
11,389,196
12,020,880
12,160,877

The accompanying notes are an integral part of these financial statements.
22www.cambriafunds.com

Cambria Shareholder Yield ETFSchedule of Investments
April 30, 2024

SharesValue

Common Stocks - 99.1% (Continued)
Financials - 18.2% (continued)
Synchrony Financial
Victory Capital Holdings, Inc. - Class A
Western Union Co.

Value

Common Stocks - 99.1% (Continued)
288,672 $12,695,795
294,539
14,980,254
12,058,341
897,198
215,500,542

Health Care - 3.0%
203,261
AMN Healthcare Services, Inc.(a)Universal Health Services, Inc. - Class B
67,961
Viatris, Inc.
1,055,662
Industrials - 12.0%
Atkore, Inc.
Boise Cascade Co.
Brady Corp. - Class A
Builders FirstSource, Inc.(a)Encore Wire Corp.
ManpowerGroup, Inc.
Matson, Inc.
Owens Corning
REV Group, Inc.
Ryder System, Inc.
Textron, Inc.
Wabash National Corp.

Shares65,48581,833
209,901
59,732
47,249160,966
110,779
74,519580,715
103,459
129,329424,457

12,191,595
11,582,593
12,214,009
35,988,197
11,479,521
10,824,051
12,384,159
10,920,204
13,199,480
12,144,885
11,939,761
12,534,841
12,694,430
12,606,479
10,939,940
9,809,201
141,476,952

Materials - 15.6% (continued)
Steel Dynamics, Inc.
Sylvamo Corp.

83,911 $10,918,499
12,525,500
200,408
185,155,287

Total Common Stocks(Cost $1,174,106,735)

1,172,281,811

Short-Term Investments – 1.9%
Investments Purchased with Proceeds from Securities Lending – 1.1%
First American Government Obligations
Fund – Class X, 5.23%(c)12,582,845
12,582,845
Money Market Funds – 0.8%
First American Treasury Obligations
Fund – Class X, 5.21%(c)Total Short-Term Investments(Cost $21,842,610)

9,259,765

Total Investments - 101.0%(Cost $1,195,949,345)
Liabilities in Excess of Other Assets - (1.0%)
Total Net Assets - 100.0%

9,259,765
21,842,610

1,194,124,421(11,861,907)$1,182,262,514

Percentages are stated as a percent of net assets.
NV - Naamloze Vennootschap

Information Technology - 3.9%
Arrow Electronics, Inc.(a)DXC Technology Co.(a)TD SYNNEX Corp.
Xerox Holdings Corp.

95,622589,781
110,046
701,499

12,208,061
11,494,832
12,967,820
9,322,922
45,993,635(a)Materials - 15.6%
Alpha Metallurgical Resources, Inc.
Berry Global Group, Inc.
CF Industries Holdings, Inc.
Dow, Inc.
DuPont de Nemours, Inc.
Eastman Chemical Co.
Greif, Inc. - Class A
Huntsman Corp.
International Paper Co.
LyondellBasell Industries NV - Class A
Mosaic Co.
Nucor Corp.
Olin Corp.
Ryerson Holding Corp.

37,678205,983
149,982
214,789
161,971
124,023
180,948479,679
319,211
121,772
384,748
63,209211,183
370,125

12,325,227
11,666,877
11,844,079
12,221,494
11,742,898
11,712,732
11,088,493
11,445,141
11,153,232
12,173,546
12,077,240
10,652,613
11,040,647
10,567,069

The Global Industry Classification Standard (GICS®) was developed by
and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard &Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI andS&P and has been licensed for use by U.S. Bank Global Fund Services.

(b)

(c)

Non-income producing security.
All or a portion of this security is on loan as of April 30, 2024.
The total market value of these securities was $11,904,696 which
represented 1.0% of net assets.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

23

Cambria Foreign Shareholder Yield ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Financials
EnergyIndustrials
Materials
Consumer Discretionary
Information Technology
Communication Services
Consumer Staples
Utilities
Real Estate

27.9%(a)
20.5%
16.7%
13.6%
9.0%
4.6%
3.2%
3.0%
0.9%
0.6%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investment and investments purchased with proceeds fromsecurities lending.
(a)

To the extent that the Fund invests more heavily in a particularindustry or sector of the economy, its performance will beespecially sensitive to developments that significantly affect thoseindustries or sectors
SharesValue

Common Stocks - 98.1%
Australia - 5.4%
Fortescue Ltd.
New Hope Corp. Ltd.
Santos Ltd.
Whitehaven Coal Ltd.
Woodside Energy Group Ltd.
Yancoal Australia Ltd.
Canada - 13.1%
ARC Resources Ltd.
Canadian Natural Resources Ltd.
iA Financial Corp., Inc.
Imperial Oil Ltd.
International Petroleum Corp.(a)Labrador Iron Ore Royalty Corp.
MEG Energy Corp.(a)Mullen Group Ltd.
Parex Resources, Inc.
Secure Energy Services, Inc.
Suncor Energy, Inc.
Trican Well Service Ltd.
Whitecap Resources, Inc.

237,167 $4,002,228
719,852
2,121,752
469,904
2,343,904
366,894
1,834,838
102,8091,880,104
2,229,736
620,184
14,412,562
179,054
38,55942,48439,358
195,531
118,756
154,056
266,183
116,357
444,00777,654684,349
323,921

3,242,521
2,921,930
2,575,611
2,706,014
2,514,132
2,593,973
3,503,791
2,471,085
2,028,524
3,760,667
2,963,109
2,077,927
2,456,496
35,815,780

The accompanying notes are an integral part of these financial statements.

Value

Common Stocks - 98.1% (continued)
Denmark - 1.7%
D/S Norden AS
Scandinavian Tobacco Group A/S

46,122 $1,949,440
2,803,675
173,711
4,753,115

Finland - 0.8%
Sampo Oyj - Class A

53,6372,170,598

France - 9.1%
Amundi SA
AXA SA(b)Coface SA
Engie SA(b)Eurazeo SE
Metropole Television SA
Nexity SA
SCOR SE
TotalEnergies SE

40,28899,549180,159
141,455
31,840115,607
146,993
107,231
47,2612,826,949
3,446,389
2,778,244
2,456,136
2,881,479
1,635,966
1,653,422
3,506,353
3,459,475
24,644,413

20,52354,826111,295
24,7902,243,878
2,319,352
3,092,880
2,503,789

6,116

2,690,432
12,850,331

Germany - 4.7%
Bayerische Motoren Werke AG
DWS Group GmbH & Co. KGaA
Freenet AG
Heidelberg Materials AG
Muenchener RueckversicherungsGesellschaft AG

Hong Kong - 6.6%
China Resources Building Materials
Technology Holdings Ltd.
9,816,215
CK Hutchison Holdings Ltd.
435,928
Orient Overseas International Ltd.
125,550
Pacific Basin Shipping Ltd.
6,971,273
Shougang Fushan Resources Group Ltd. 7,736,966
Skyworth Group Ltd.
5,351,714
VTech Holdings Ltd.
282,332
WH Group Ltd.
4,034,754
Italy - 8.4%
Anima Holding SpA
Assicurazioni Generali SpA
Azimut Holding SpA
BPER Banca SPA
Eni SpA
Intesa Sanpaolo SpA
Unipol Gruppo SpA
UnipolSai Assicurazioni SpA

496,052
105,740
98,178576,712
183,524
747,593
469,368
801,919

1,668,933
2,131,521
1,834,452
2,423,954
2,957,231
2,209,728
1,636,744
2,950,234
17,812,797
2,330,364
2,584,171
2,595,295
3,010,254
2,964,493
2,813,157
4,217,665
2,298,704
22,814,103

24www.cambriafunds.com

Cambria Foreign Shareholder Yield ETFSchedule of Investments
April 30, 2024

SharesValue

Common Stocks - 98.1% (continued)
Japan - 24.4%
Citizen Watch Co. Ltd.
COMSYS Holdings Corp.
Daicel Corp.
Dai-ichi Life Holdings, Inc.
Hokuhoku Financial Group, Inc.
Japan Post Holdings Co. Ltd.
Japan Post Insurance Co. Ltd.
Kamigumi Co. Ltd.
Kawasaki Kisen Kaisha Ltd.
Kobe Steel Ltd.
Kokuyo Co. Ltd.
Macnica Holdings, Inc.
Mitsui & Co. Ltd.
Press Kogyo Co. Ltd.
Sankyo Co. Ltd.
Seiko Epson Corp.
Shibaura Mechatronics Corp.
Sojitz Corp.
Sompo Holdings, Inc.
Sumitomo Bakelite Co. Ltd.
Sumitomo Warehouse Co. Ltd.
T&D Holdings, Inc.
Tamron Co. Ltd.

484,600 $3,220,118
120,000
2,807,596
269,700
2,515,479
137,800
3,188,233
209,700
2,577,456
304,100
2,913,452
145,900
2,730,392
122,900
2,654,917
166,500
2,334,157
217,400
2,665,206
161,100
2,757,439
58,6002,615,013
77,3003,744,061
746,500
3,687,180
201,100
2,188,683
153,900
2,541,011
58,6002,277,640
123,000
3,165,564
193,300
3,823,961
84,5002,421,710
162,500
2,693,308
165,500
2,704,204
3,551,317
76,10065,778,097
68,937
46,7792,018,752
1,445,260
3,464,012

Netherlands - 2.2%
NN Group NV
Stellantis NV

67,222
134,986

3,109,904
3,007,916
6,117,820

Spain - 2.2%
ACS Actividades de Construccion y
Servicios SA
Repsol SA

754,777
256,212398,564
203,393

73,803
185,811

1,326,304
3,617,667
4,205,040
2,341,807
11,490,818

2,959,902
2,919,935
5,879,837

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

Value

Common Stocks - 98.1% (continued)

Luxembourg - 1.2%
APERAM SA
RTL Group SA

Norway - 4.2%
Elkem ASA
Golden Ocean Group Ltd.
Hoegh Autoliners ASA
Telenor ASA

SharesSweden - 1.0%
SSAB AB - Class B(b)462,421 $2,614,136

Switzerland - 1.9%
Glencore PLC
Holcim AG

389,939
36,522

2,278,855
3,066,378
5,345,233

1,189,537
381,798
612,467
454,533
81,031
590,858
73,526
621,464
670,813
123,499
55,09984,7482,177,550
2,221,736
2,784,184
2,582,516
2,561,677
3,842,140
2,159,962
1,832,654
2,159,235
2,012,304
3,767,406
2,927,237
31,028,601

United Kingdom - 11.2%
abrdn PLC
Aviva PLC - Class B(a)Balfour Beatty PLC
Barratt Developments PLC
Bellway PLC
BP PLC
British American Tobacco PLC
Legal & General Group PLC
Man Group PLC
Persimmon PLC
Rio Tinto PLC
TORM PLC - Class A
Total Common Stocks(Cost $251,457,046)

266,992,253

Short-Term Investments - 3.4%
Investments Purchased with Proceeds from Securities Lending - 2.7%
First American Government Obligations
Fund - Class X, 5.23%(c)7,357,219
7,357,219
Money Market Funds - 0.7%
First American Treasury Obligations
Fund - Class X, 5.21%(c)1,775,185
Total Short-Term Investments(Cost $9,132,404)
Total Investments - 101.5%(Cost $260,589,450)
Liabilities in Excess of Other Assets - (1.5%)
Total Net Assets - 100.0%

1,775,185
9,132,404

276,124,657(4,186,005)$271,938,652

Percentages are stated as a percent of net assets.
AB - Aktiebolag
AG - Aktiengesellschaft
ASA - Advanced Subscription Agreement
KGaA - Kommanditgesellschaft auf Aktien
NV - Naamloze Vennootschap
PLC - Public Limited Company
SA - Sociedad Anónima
SE – Societas Europea
SpA - Società per Azioni

25

Cambria Foreign Shareholder Yield ETFSchedule of Investments
April 30, 2024

(a)
(b)

(c)

Non-income producing security.
All or a portion of this security is on loan as of April 30, 2024.
The total market value of these securities was $6,797,236 which
represented 2.5% of net assets.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

The Global Industry Classification Standard (GICS®) was developed by
and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard &Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI andS&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.
26www.cambriafunds.com

Cambria Global Value ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Financials
Utilities
Materials
Real Estate
Industrials
EnergyCommunication Services
Consumer Staples
Information Technology
Consumer Discretionary

33.5%(a)
15.0%
11.9%
9.7%
8.3%
8.2%
4.5%
4.2%
2.8%
1.9%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments.
(a)

To the extent that the Fund invests more heavily in a particularindustry or sector of the economy, its performance will beespecially sensitive to developments that significantly affect thoseindustries or sectors.
SharesValue

Common Stocks - 95.2%
Austria - 9.0%
ANDRITZ AG
AT&S Austria Technologie &Systemtechnik AG
BAWAG Group AG
Erste Group Bank AG
EVN AGOMV AG
Raiffeisen Bank International AG
Verbund AG
Voestalpine AG
Wienerberger AG

44,732
15,343
19,71431,51320,08348,222
12,44935,532
27,239995,816920,223
922,973
970,246
957,609894,420951,249
952,546
975,573
9,398,794

Brazil - 6.2%
Atacadao SA
Banco Santander Brasil SA
Centrais Eletricas Brasileiras SA
JBS SA
Telefonica Brasil SA
TIM SA
Vale SA

418,000
177,500
132,000
219,000
99,000280,900
76,800899,981989,264
961,923
989,013910,001
956,421935,485
6,642,088

15,644 $858,139

Value

Common Stocks - 95.2% (continued)
Chile - 8.9%
Banco Itau Chile SA
Banco Santander Chile
CAP SA
Cencosud SA
Cia Sud Americana de Vapores SA
Colbun SA
Empresas CMPC SA
Empresas Copec SA
Enel Americas SA
Quinenco SA

85,649 $901,052
20,104,040
910,917130,030
929,734
548,839
940,467
12,356,461
964,011
7,326,848
940,917458,397905,287
126,536
902,972
9,416,440
882,745
948,104
272,124
9,226,206

China - 9.2%
Bank of China Ltd. - Class H
2,139,000
China Construction Bank Corp. Class H
1,499,000
China Life Insurance Co. Ltd. - Class H
774,000
China Railway Group Ltd. - Class H
1,835,000
CITIC Ltd.
1,029,000
COSCO Shipping Holdings Co. Ltd. Class H
805,000
People’s Insurance Co. Group of China
Ltd - Class H
2,885,000
PetroChina Co. Ltd. - Class H
1,016,000
PICC Property & Casualty Co. Ltd. Class H
749,000
Postal Savings Bank of China Co. Ltd.
- Class H
1,803,000
Colombia - 7.3%
Bancolombia SA
110,904
Celsia SA ESP
593,335
Cementos Argos SA
437,344
Ecopetrol SA
1,608,587
Grupo Argos SA
231,234
Grupo Bolivar SA
56,675
Grupo de Inversiones Suramericana SA
42,934
Grupo Energia Bogota SA ESP
1,587,876
Interconexion Electrica SA ESP
203,507
Czech Republic - 8.8%
CEZ AS
Komercni Banka AS
Moneta Money Bank AS
Philip Morris CR AS

71,95870,555597,3232,253

965,226
977,271
1,030,984
910,146
982,606
1,045,521
951,500
958,504
935,448
942,676
9,699,882
955,533
623,887
905,234
934,891
950,164
970,828
435,578985,592
938,9447,700,651
2,656,156
2,602,869
2,410,154
1,529,453
9,198,632

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

27

Cambria Global Value ETFSchedule of Investments
April 30, 2024

SharesValue

SharesCommon Stocks - 95.2% (continued)
Greece - 0.0%
FF Group(b)(c)(d)Common Stocks - 95.2% (continued)(a)25,407 $—Hong Kong - 9.6%
BOC Hong Kong Holdings Ltd.
China Overseas Land & Investment Ltd.
China Resources Land Ltd.
CK Asset Holdings Ltd.
CK Hutchison Holdings Ltd.
Geely Automobile Holdings Ltd.
Sino Land Co. Ltd.
Swire Pacific Ltd. - Class A
Swire Properties Ltd.
Wharf Real Estate Investment Co. Ltd.

316,000
624,000
302,000
232,000
199,000
826,000
914,000
120,000
479,700
315,000

975,546
1,163,016
1,098,329
997,967
973,034
1,006,274
982,620
1,020,108
999,541
984,539
10,200,974

Poland - 9.0%
Alior Bank SA(c)Asseco Poland SA
Jastrzebska Spolka Weglowa SA(c)KGHM Polska Miedz SA
Lubelski Wegiel Bogdanka SA
Orange Polska SA
ORLEN SAPGE Polska Grupa Energetyczna SA(c)Powszechny Zaklad Ubezpieczen SA
Tauron Polska Energia SA(c)XTB SA

36,77048,360114,184
28,5097,972
475,81555,861
618,544
72,951
1,301,300
61,976940,915
953,752
864,177
988,50956,482921,977
914,955
928,334
922,228
935,137
971,412
9,397,878

Russian Federation - 0.0%
Alrosa PJSC(b)(d)Gazprom Neft PJSC(b)(d)Gazprom PJSC(b)(c)(d)Rosneft Oil Co. PJSC(b)(d)Sberbank of Russia PJSC(b)(d)Severstal PAO(b)(c)(d)Unipro PJSC(b)(c)(d)Singapore - 9.0%
CapitaLand Investment Ltd.
Genting Singapore Ltd.
Jardine Cycle & Carriage Ltd.
Oversea-Chinese Banking Corp. Ltd.
Sembcorp Industries Ltd.
Singapore Airlines Ltd.
Singapore Telecommunications Ltd.

Value

1,262,976
334,880
373,048
198,016
287,60982,992
22,421,984

489,900
1,360,200
48,00091,200237,700
197,000
537,200

—
—
—
—
—
—
—
—
954,642
911,749
931,834
952,053935,093
943,834
936,622

Singapore - 9.0% (continued)
United Overseas Bank Ltd.
UOL Group Ltd.
Venture Corp. Ltd.
Spain - 9.0%
Acciona SA
Acerinox SA
Banco Bilbao Vizcaya Argentaria SA
Banco Santander SA
CaixaBank SA
Endesa SA
Iberdrola SA
Mapfre SA
Repsol SA
Unicaja Banco SA
United Kingdom - 9.2%
Anglo American PLC
Aviva PLC - Class B(c)Barclays PLC
BP PLC
Legal & General Group PLC
Lloyds Banking Group PLC
Rio Tinto PLC
Segro PLC – Real Estate
Investment Trust
Shell PLC
Vodafone Group PLC

41,100 $915,307
221,600
951,303
949,882
89,3009,382,319
8,074
88,831
82,331
184,865
177,518
50,922
76,053385,610
58,335760,526

936,623
959,382
894,014902,199
938,144929,283
934,196
930,866
916,708
995,876
9,337,291

35,746160,315
392,531
144,256
298,144
1,469,812
14,4201,176,510
932,896994,215
938,045879,206
953,195
985,971

86,836
26,066
1,083,886

920,128
932,499
916,364
9,629,029

Total Common Stocks(Cost $110,122,000)

99,813,744

Preferred Stocks - 3.5%
Brazil - 2.7%
Gerdau SA, 0.00%
Itau Unibanco Holding SA, 0.00%
Petroleo Brasileiro SA, 0.00%
Colombia - 0.8%
Banco Davivienda SA, 0.00%
Total Preferred Stocks (Cost $3,393,254)

256,220
150,700
116,500

899,528
911,293
940,508
2,751,329

174,938

936,451
3,687,780

The accompanying notes are an integral part of these financial statements.
28www.cambriafunds.com

Cambria Global Value ETFSchedule of Investments
April 30, 2024

SharesValue

Short-Term Investments - 1.4%
Money Market Funds - 1.4%
First American Treasury Obligations
Fund - Class X, 5.21%(e)Total Short-Term Investments(Cost $1,422,336)

1,422,336 $1,422,336

Total Investments - 100.1%(Cost $114,937,590)
Liabilities in Excess of Other Assets - (0.1%)
Total Net Assets - 100.0%

1,422,336

104,923,860(75,762)$104,848,098

Percentages are stated as a percent of net assets.
AG - Aktiengesellschaft
PAO – Russian Public Stock Company
PJSC - Public Joint Stock Company
PLC - Public Limited Company
SA - Sociedad Anónima
(a)
(b)

(c)
(d)

(e)

Represents less than 0.05% of net assets.
Fair value determined using significant unobservable inputs
in accordance with procedures established by and under thesupervision of the Adviser, acting as Valuation Designee. These
securities represented $0 or 0.0% of net assets as of April 30, 2024.
Non-income producing security.
These securities are considered to be illiquid. The aggregate valueof these securities on April 30, 2024 was $0, which represent
0.00% of the Fund’s net assets.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

The Global Industry Classification Standard (GICS®) was developed by
and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard &Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI andS&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

29

Cambria Global Momentum ETFSchedule of Investments
April 30, 2024(c)

Sector Weightings
Exchange Traded Funds

100.0%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments.
SharesExchange Traded Funds - 99.1%
Cambria Emerging Shareholder
Yield ETF(a)Cambria Foreign Shareholder
Yield ETF(a)Cambria Micro and SmallCap
Shareholder Yield ETF(a)Cambria Shareholder Yield ETF(a)Cambria Value and Momentum ETF(a)Graniteshares Gold Trust(b)Grizzle Growth ETF(c)(d)Invesco Emerging Markets Sovereign
Debt ETF
iShares Global Industrials ETF
iShares Global Tech ETF
VanEck Bitcoin Trust(b)Vanguard Small-Cap Value ETF
WisdomTree Managed Futures
Strategy Fund
Total Exchange Traded Funds(Cost $125,042,478)

(d)

(e)

Affiliated investment managed by Tidal Investments LLC, theFund’s sub-adviser.
Affiliated investment due to the Fund holding more than 5% of theoutstanding shares.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

Value

491,245 $16,820,228
615,635

16,499,017

636,067
238,504
290,266
348,148
290,681

16,202,026
16,435,311
8,331,882
7,875,108
8,237,900

408,774
61,105111,162
69,62945,1638,024,234
8,239,398
7,834,698
4,653,306
8,145,599

224,8118,221,338
135,520,045

Short-Term Investments - 1.0%
Money Market Funds - 1.0%
First American Treasury Obligations
Fund - Class X, 5.21%(e)Total Short-Term Investments(Cost $1,316,176)

1,316,176

Total Investments - 100.1%(Cost $126,358,654)
Liabilities in Excess of Other Assets - (0.1%)
Total Net Assets - 100.0%

1,316,176
1,316,176

136,836,221(75,892)$136,760,329

Percentages are stated as a percent of net assets.
ETF – Exchange Traded Funds
(a)

(b)

Affiliated company as defined by the Investment Company Act
of 1940.
Non-income producing security.

The accompanying notes are an integral part of these financial statements.
30www.cambriafunds.com

Cambria Global Momentum ETFSchedule of Investments
April 30, 2024

Transactions with affiliated companies during the year ended April 30, 2024, are as follows:

Security Name
Cambria Emerging
Shareholder
Yield ETF
Cambria Foreign
Shareholder
Yield ETF
Cambria Microand SmallCap
Shareholder
Yield ETF
Cambria
Shareholder
Yield ETF
Cambria Value andMomentum ETF
Grizzle Growth ETF

Market Value
as ofApril 30, 2023

Purchases

Purchases
In-Kind

Sales

Sales
In-KindMarket Value
as ofApril 30, 2024

$21,819,192 $179,000 $689,095 $(3,084,839) $(5,914,574) $16,820,228

Share Balance
as ofApril 30,
2024
Dividends

Change in
Unrealized
Gain (Loss)

Realized
Gain/Loss

491,245 $1,202,145 $2,568,227 $564,127

21,697,862

27,392,055

334,174(28,543,730)(3,888,375)

16,499,017

615,635

753,430

865,969(1,358,938)—

16,594,495

165,127(23,559)(923,066)

16,202,026

636,067

109,634

355,794

33,235—

18,384,584

687,445(1,113,081)(3,262,979)

16,435,311

238,504

204,408

1,563,547

175,795—
9,584,057
353,962(709,275)(1,709,478)
8,331,882—
9,415,052
346,452(1,175,342)(1,730,909)
8,237,900$43,517,054 $81,549,243 $2,576,255 $(34,649,826) $(17,429,381) $82,526,364

290,266
40,310738,523
74,093
290,681
29,150 1,180,165
202,482
2,562,398 $2,339,077 $7,272,225 $(309,206)

Investments no longer affiliated as of April 30, 2024
Market Value
as ofApril 30, 2023

Purchases
In-KindSales
In-KindMarket Value
as ofApril 30, 2024

Security Name
Purchases
Sales
Cambria Global
Value ETF
$22,308,015 $9,131,412 $324,900 $(26,049,518) $(3,665,169) $—
Invesco DB Precious
Metals Fund
11,918,973
8,929,203
154,091 (18,104,882)(1,890,266)—$34,226,988 $18,060,615 $478,991 $(44,154,400) $(5,555,435) $—
Grand Total$77,744,042 $99,609,858 $3,055,246 $(78,804,226) $(22,984,816) $82,526,364

Share Balance
as ofApril 30,
2024
Dividends

Change in
Unrealized
Gain (Loss)

Realized
Gain/Loss— $1,057,538 $(1,194,611) $(855,028)—
361,691(747,254) $(259,865)— $1,419,229 $(1,941,865) $(1,114,893)
2,562,398 $3,758,306 $5,330,360 $(1,424,099)

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

31

Cambria Global Asset Allocation ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Exchange Traded Funds

100.0%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments and investments purchased with proceeds fromsecurities lending.
SharesExchange Traded Funds - 99.8%
Alpha Architect 1-3 Month Box ETF(a)Alpha Architect International
Quantitative Momentum ETF
Alpha Architect US Quantitative
Momentum ETF
Cambria Emerging Shareholder Yield ETF(b)(c)Cambria Foreign Shareholder Yield ETF(b)(c)Cambria Global Real Estate ETF(b)Cambria Global Value ETF(b)Cambria Micro and SmallCap
Shareholder Yield ETF(b)Cambria Shareholder Yield ETF(b)(c)Cambria Tactical Yield ETF(b)Cambria Value and Momentum ETF(b)Graniteshares Gold Trust(a)Invesco Optimum Yield Diversified
Commodity Strategy No K-1 ETF
JPMorgan USD Emerging Markets
Sovereign Bond ETF
Schwab US TIPS ETF
SPDR FTSE International Government
Inflation-Protected Bond ETF
VanEck Bitcoin Trust(a)VanEck Emerging Markets High Yield
Bond ETF(c)VanEck Gold Miners ETF
VanEck International High Yield Bond ETF
VanEck J.P. Morgan EM Local Currency
Bond ETF
Vanguard Intermediate-Term Corporate
Bond ETF(c)Vanguard Intermediate-Term Treasury ETF
Vanguard Long-Term Treasury ETF
Vanguard Short-Term Corporate Bond ETF
Vanguard Total Bond Market ETF
Vanguard Total International Bond ETF
Total Exchange Traded Funds(Cost $53,108,640)

Value

4,919 $525,841
39,5891,083,551

44,999159,649
96,997
152,262
148,324

2,519,944
5,466,382
2,599,520
3,609,995
3,201,069

45,001
51,111126,071
82,24389,333

1,146,274
3,522,059
3,187,075
2,360,728
2,020,712

237,591

3,350,033

41,49027,692

1,580,051
1,418,661

33,2892,184

1,289,616
145,957

112,145
16,601
51,9392,104,962
549,991
1,050,186

64,731

1,534,772

19,96017,912
17,572
14,08028,93853,103

1,564,066
1,024,387
976,300
1,078,106
2,045,048
2,570,716

Value

Short-Term Investments - 4.6%
Investments Purchased with Proceeds from Securities Lending - 4.4%
First American Government Obligations
2,337,750 $2,337,750
Fund - Class X, 5.23%(d)Money Market Funds - 0.2%
First American Treasury Obligations
Fund - Class X, 5.21%(d)Total Short-Term Investments(Cost $2,440,887)

103,137

Total Investments - 104.4%(Cost $55,549,527)
Liabilities in Excess of Other Assets - (4.4%)
Total Net Assets - 100.0%

103,1372,440,887

55,966,889(2,336,244)$53,630,645

Percentages are stated as a percent of net assets.
EM – Emerging Markets
ETF – Exchange Traded Funds
FTSE – Financial Times Stock Exchange
SPDR – Standard & Poor’s Depository Receipt
TIPS – Treasury Inflated Protected Security
(a)
(b)

(c)

(d)

Non-income producing security.
Affiliated company as defined by the Investment Company Act
of 1940.
All or a portion of this security is on loan as of April 30, 2024.
The total market value of these securities was $2,270,888 which
represented 4.2% of net assets.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

53,526,002

The accompanying notes are an integral part of these financial statements.
32www.cambriafunds.com

Cambria Global Asset Allocation ETFSchedule of Investments
April 30, 2024

Transactions with affiliated companies during the year ended April 30, 2024, are as follows:
Market Value
as ofApril 30, 2023

Purchases
In-KindSales
In-KindMarket Value Share Balance
as of
as of
April 30, 2024 April 30, 2024 Dividends

Security Name
Purchases
Sales
Cambria Emerging
Shareholder
Yield ETF
$4,781,062 $— $655,895 $(209,622) $(640,235) $5,466,382
Cambria Foreign
Shareholder
Yield ETF
2,422,663
38,753
316,280—(311,455)
2,599,520
Cambria Global Real
Estate ETF
3,079,046
656,281456,866(27,067)(444,097)
3,609,995
Cambria Global
Value ETF
3,046,014
24,003395,272(4,465)(394,042)
3,201,069
Cambria Microand SmallCap
Shareholder
Yield ETF—
1,108,360
61,451(4,590)(29,758)
1,146,274
Cambria
Shareholder
Yield ETF
3,896,096—
516,032(1,042,665)(518,007)
3,522,059
Cambria Tactical
Yield ETF—
3,086,106
167,243—(83,423)
3,187,075
Cambria Value andMomentum ETF
2,051,536—
298,731(30,703)(285,467)
2,360,728$19,276,417 $4,913,503 $2,867,770 $(1,319,112) $(2,706,484) $25,093,102

Change in
Unrealized
Gain (Loss)

Realized
Gain (Loss)

159,649 $281,581 $893,452 $(14,170)

96,997

137,849

124,606

8,673

152,262

211,289(103,986)(7,048)148,324

167,195

122,291

11,99645,001

7,200

10,898(87)

51,111

52,387347,286

323,317

126,071

17,04816,883266

82,243
20,883
213,703112,928
861,658 $895,432 $1,625,133 $435,875

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

33

Cambria Value and Momentum ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Consumer Discretionary
Financials
Industrials
EnergyMaterials
Information Technology
Health Care
Utilities
Communication Services

25.1%(a)
23.3%
19.5%
10.6%
10.5%
5.7%
3.1%
1.5%
0.7%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments and investments purchased with proceeds fromsecurities lending.
(a)

To the extent that the Fund invests a significant portion of its
assets in securities of companies of a single sector, it is more likely
to be impacted by events or conditions affecting the sector.
SharesCommunication Services - 0.6%
Telephone and Data Systems, Inc.
Consumer Discretionary - 21.6%
Beazer Homes USA, Inc.(a)Beyond, Inc.(a)Caleres, Inc.
Century Communities, Inc.
Designer Brands, Inc. - Class A
DR Horton, Inc.
G-III Apparel Group Ltd.(a)Green Brick Partners, Inc.(a)KB Home
La-Z-Boy, Inc.
Lennar Corp. - Class A
M/I Homes, Inc.(a)Meritage Homes Corp.
Patrick Industries, Inc.
Perdoceo Education Corp.
PulteGroup, Inc.
PVH Corp.
Taylor Morrison Home Corp.(a)Thor Industries, Inc.
Toll Brothers, Inc.
Tri Pointe Homes, Inc.(a)Upbound Group, Inc.

24,701 $386,571

16,774
15,487
12,995
6,826
47,670
4,423
11,215
12,966
6,877
10,750
4,138
6,587
3,737
5,867
33,5847,481
4,333
11,177
4,632
7,287
11,084
11,946

Common Stocks - 86.5% (continued)
Consumer Discretionary - 21.6% (continued)
Urban Outfitters, Inc.(a)Williams-Sonoma, Inc.
Worthington Enterprises, Inc.
Energy - 9.1%
California Resources Corp.
Chord Energy Corp.
CNX Resources Corp.(a)CONSOL Energy, Inc.
Gulfport Energy Corp.(a)Liberty Energy, Inc.
Marathon Petroleum Corp.
Permian Resources Corp.
Phillips 66
SM Energy Co.

11,635 $453,300
1,883
540,007466,769
8,166
13,429,363
7,498
3,883
19,2788,070
3,750
21,405
3,959
42,625
2,842
11,078396,344687,213453,419
667,873595,163
470,910
719,429
713,969
407,003537,1725,648,495

4,836
13,037404,531499,969

10,0702,305
13,852
3,584
18,085
7,033
9,620
7,706
291
5,286
7,497
9,424
10,504
23,596
10,67539,056
1,971
14,3002,446
20,414
26,69812,130565,028
401,992
414,729
514,053
480,338
321,197582,299
381,447
490,847
512,161
512,195
708,213548,939
478,527
824,109678,403
417,576
427,141
457,378
363,982
440,250
533,477

14,469505,257
12,464,038

Value

Common Stocks - 86.5%

470,175
311,753478,606
541,438
442,854630,233
315,702
701,850445,355
353,030
627,404
765,541
619,370
613,043614,587
833,533
471,430
626,024
460,513
867,956
408,445
370,445

Value

Financials - 20.2%
Aflac, Inc.
Ally Financial, Inc.
American Equity Investment Life
Holding Co.
Assurant, Inc.
Bancorp, Inc.(a)Capital One Financial Corp.
Corebridge Financial, Inc.(b)Customers Bancorp, Inc.(a)Enova International, Inc.(a)Fidelity National Financial, Inc.
First Citizens BancShares, Inc. - Class A
Hartford Financial Services Group, Inc.
Jackson Financial, Inc. - Class A
Loews Corp.
Mercury General Corp.
MGIC Investment Corp.
Mr. Cooper Group, Inc.(a)Oscar Health, Inc. - Class A(a)Primerica, Inc.
Radian Group, Inc.
Reinsurance Group of America, Inc.
Remitly Global, Inc.(a)Robinhood Markets, Inc. - Class A(a)Synchrony Financial
Skyward Specialty InsuranceGroup, Inc.(a)The accompanying notes are an integral part of these financial statements.
34www.cambriafunds.com

Cambria Value and Momentum ETFSchedule of Investments
April 30, 2024

SharesValue

Common Stocks - 86.5% (continued)
Health Care - 2.7%
Arcturus Therapeutics Holdings, Inc.(a)Cardinal Health, Inc.
McKesson Corp.

14,189 $362,813
6,052
623,598
1,248
670,438
1,656,849

Industrials - 16.9%
ArcBest Corp.
Boise Cascade Co.
Builders FirstSource, Inc.(a)CoreCivic, Inc.(a)DNOW, Inc.(a)EMCOR Group, Inc.
Encore Wire Corp.
GMS, Inc.(a)Insteel Industries, Inc.
Masterbrand, Inc.(a)Matson, Inc.
MillerKnoll, Inc.
Mueller Industries, Inc.
Owens Corning
REV Group, Inc.
SkyWest, Inc.(a)Sterling Infrastructure, Inc.(a)UFP Industries, Inc.

4,403
4,886
3,217
28,47535,928
2,681
3,070
5,284
14,16028,6204,398
16,65915,021
3,087
24,966
9,141
6,929
3,111

488,337
646,271588,132
424,278
506,944957,574
857,635
488,876454,536
477,095
474,016
423,638
838,472
519,264545,757
667,567
703,986
350,610
10,412,988

Information Technology - 5.0%
ACM Research, Inc. - Class A(a)ePlus, Inc.(a)Insight Enterprises, Inc.(a)InterDigital, Inc.
Jabil, Inc.
Photronics, Inc.(a)23,587
6,778
2,623
3,973
3,749
22,999601,940
521,093478,881392,254439,983
630,403
3,064,554

Materials - 9.1%
Alpha Metallurgical Resources, Inc.
Arch Resources, Inc.
Metallus, Inc.(a)Nucor Corp.
Olympic Steel, Inc.
Ramaco Resources, Inc.(a)Reliance Steel & Aluminum Co.
Resolute Forest Products(a)(c)
Steel Dynamics, Inc.
United States Steel Corp.
Warrior Met Coal, Inc.

2,043
2,489
33,542
3,906
7,811
24,441
2,019
66,033
4,507
8,057
10,976

668,306
395,203689,624
658,278496,545
383,235
574,850
93,767586,451
294,081750,2095,590,549

SharesCommon Stocks - 86.5% (continued)
Utilities - 1.3%
Vistra Corp.
Total Common Stocks(Cost $48,743,614)

Value

10,761 $816,114
53,469,521

Short-Term Investments - 9.3%
Investments Purchased with Proceeds from Securities Lending - 0.8%
First American Government
Obligations Fund - Class X,
5.23%(d)472,450
472,450
Money Market Funds - 8.5%
First American Treasury Obligations
Fund - Class X, 5.21%(d)Total Short-Term Investments(Cost $5,699,863)

5,227,413

Total Investments - 95.8%(Cost $54,443,477)
Other Assets in Excess of Liabilities - 4.2%
Total Net Assets - 100.0%

5,227,413
5,699,863

59,169,384
2,579,815$61,749,199

Percentages are stated as a percent of net assets.
(a)
(b)

(c)

(d)

Non-income producing security.
All or a portion of this security is on loan as of April 30, 2024.
The total market value of these securities was $456,301 which
represented 0.7% of net assets.
Fair value determined using significant unobservable inputs
in accordance with procedures established by and under thesupervision of the Adviser, acting as Valuation Designee. These
securities represented $93,767 or 0.2% of net assets as ofApril 30, 2024.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

35

Cambria Value and Momentum ETFSchedule of Investments
April 30, 2024

The Global Industry Classification Standard (GICS®) was developed by
and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard &Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI andS&P and has been licensed for use by U.S. Bank Global Fund Services.
The open futures contracts held by the fund as of April 30, 2024, areas follows:

Type of Contract
S&P 500 Index

Number ofContracts
Short

Expiration
Date

Notational
AmountUnrealized
Appreciation
Notional Value (Depreciation)(111) 06/21/2024 $(28,121,850) $(28,897,888) $776,038

The accompanying notes are an integral part of these financial statements.
36www.cambriafunds.com

Cambria Global Tail Risk ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Exchange Traded Funds
Purchased Options

95.9%
4.1%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments.
SharesExchange Traded Funds - 88.0%
iShares® 7-10 Year Treasury Bond ETF
iShares® TIPS Bond ETF
VanEck J. P. Morgan EM Local Currency
Bond ETF
Vanguard Total International Bond ETF
Total Exchange Traded Funds(Cost $2,294,697)
Notional
AmountValue

6,327 $578,477
5,441
574,189
21,863
10,666518,372
516,341
2,187,379

Contracts

Value

Options Purchased - 3.8%
Put Options - 3.8%
MSCI EAFE Index
Expires 06/21/2024; Strike
Price: $2,000
Expires 09/20/2024; Strike
Price: $1,900
Expires 12/20/2024; Strike
Price: $2,000
Expires 03/21/2025; Strike
Price: $2,100
MSCI Emerging Markets Index
Expires 06/21/2024; Strike
Price: $950
Expires 09/20/2024; Strike
Price: $900
Expires 12/20/2024; Strike
Price: $900
Expires 03/21/2025; Strike
Price: $950
Total Options Purchased(Cost $214,320)$684,159

3 $945

1,368,319

6

4,800

1,368,319

6

18,0001,368,319

6

34,500313,7843

855

941,3539

5,580

941,353

9

11,160627,569

6

18,840Value

Short-Term Investments - 5.0%
Money Market Funds - 5.0%
First American Treasury Obligations Fund Class X, 5.21%(a)Total Short-Term Investments(Cost $123,992)

123,992 $123,992

Total Investments - 96.8%(Cost $2,633,009)
Other Assets in Excess of Liabilities - 3.2%
Total Net Assets - 100.0%

123,992

2,406,051
80,013$2,486,064

Percentages are stated as a percent of net assets.
EAFE – Europe, Australasia and Far East
EM – Emerging Markets
ETF – Exchange Traded Funds
MSCI – Morgan Stanley Capital International
TIPS – Treasure Inflated Protected Security(a)The rate shown represents the 7-day effective yield as ofApril 30, 2024.

94,680

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

37

Cambria Emerging Shareholder Yield ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Information Technology
Financials
EnergyIndustrials
Materials
Consumer Discretionary
Utilities
Consumer Staples
Health Care
Real EstateCommunication Services

21.9%
17.6%
16.6%
10.2%
9.9%
9.7%
6.3%
2.9%
2.5%
1.5%
0.9%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments.
SharesValue

Common Stocks - 97.4%
Brazil - 4.8%
Cia de Saneamento de Minas Gerais
Copasa MG
Cielo SA
Petroleo Brasileiro SA
TIM SA
Ultrapar Participacoes SA
China - 19.4%
Anhui Conch Cement Co.
Ltd. - Class H
Bank of Communications Co. Ltd. Class H
CGN Power Co. Ltd. - Class H
China Coal Energy Co. Ltd. - Class H
China Petroleum & Chemical
Corp. - Class H
China Shenhua Energy Co.
Ltd. - Class H
Dongfeng Motor Group Co.
Ltd. - Class H
E-Commodities Holdings Ltd.
Fufeng Group Ltd.
Huadian Power International Corp.
Ltd. - Class H
JNBY Design Ltd.
Lonking Holdings Ltd.

703,800 $2,653,854
3,292,100
3,544,051
434,700
3,710,262
940,700
3,202,938
3,727,005
745,200
16,838,110

976,500

2,279,378

5,175,000
12,102,000
3,519,000

3,744,295
4,068,705
3,553,773

6,718,000

4,053,455

1,449,000

6,057,026

6,708,000
14,904,000
5,796,000

2,443,888
3,086,464
4,245,475

9,290,000
1,956,500
11,943,000

5,082,798
3,576,508
2,198,463

Value

Common Stocks - 97.4% (continued)
China - 19.4% (continued)
People’s Insurance Co. Group of
China Ltd. - Class H
PetroChina Co. Ltd. - Class H
PICC Property & Casualty Co.
Ltd. - Class H
SciClone Pharmaceuticals HoldingsLtd.
Shenzhen Expressway Corp.
Ltd. - Class H
Yankuang Energy Group Co.
Ltd. - Class H

9,876,000 $3,257,198
5,866,000
5,534,033
2,698,000

3,369,612

1,672,500

3,835,588

2,898,000

2,645,087

2,484,000

5,410,838
68,442,584

75,493

2,786,641

Hong Kong - 0.5%
China Medical System Holdings Ltd.

2,070,000

1,854,948

India - 7.7%
Bank of Baroda
Coal India Ltd.
Indian Bank
Oil & Natural Gas Corp. Ltd.
Oil India Ltd.
Vedanta Ltd.

771,696
829,518
833,031
1,216,332
823,446878,370

2,603,574
4,516,622
5,473,750
4,123,382
6,120,361
4,188,341
27,026,030

Indonesia - 1.2%
Indo Tambangraya Megah Tbk PT
United Tractors Tbk PT

1,283,400
1,449,000

1,991,006
2,212,265
4,203,271

Mexico - 3.5%
Arca Continental SAB de CV
Banco del Bajio SA
GCC SAB de CV

414,000
1,200,600
351,900

4,027,684
4,437,750
3,963,375
12,428,809

75,587

3,149,148

332,287
350,121229,153

4,972,345
4,426,143
3,591,743
16,139,379

Czech Republic - 0.8%
CEZ AS

Poland - 4.6%
Bank Polska Kasa Opieki SA
Powszechna Kasa Oszczednosci Bank
Polski SA
Powszechny Zaklad Ubezpieczen SA
XTB SAThe accompanying notes are an integral part of these financial statements.
38www.cambriafunds.com

Cambria Emerging Shareholder Yield ETFSchedule of Investments
April 30, 2024

SharesValue

SharesCommon Stocks - 97.4% (continued)

Common Stocks - 97.4% (continued)

Russia - 0.0%
Alrosa PJSC(b)(c)Federal Grid Co. Unified Energy
System(b)(c)(d)Gazprom Neft PJSC(b)(c)Gazprom PJSC(b)(c)(d)Inter RAO UES PJSC(b)(c)
LUKOIL PJSC(b)(c)Magnitogorsk Iron & Steel WorksPJSC(b)(c)(d)NovaBev Group PJSC(b)(c)
Novolipetsk Steel PJSC(b)(c)(d)OGK-2 PJSC(b)(c)
Sberbank of Russia PJSC(b)(c)
Severstal PAO(b)(c)(d)Unipro PJSC(b)(c)(d)Taiwan - 28.7%(e)Asustek Computer, Inc.
Catcher Technology Co. Ltd.
Chicony Electronics Co. Ltd.
China Motor Corp.
Dimerco Express Corp.
Evergreen Marine Corp. Taiwan Ltd.
Evergreen Steel Corp.
Global Mixed Mode Technology, Inc.
Holy Stone Enterprise Co. Ltd.
Huaku Development Co. Ltd.
IEI Integration Corp.
ITE Technology, Inc.
L&K Engineering Co. Ltd.
Nantex Industry Co. Ltd.
Novatek Microelectronics Corp.
O-TA Precision Industry Co. Ltd.
Radiant Opto-Electronics Corp.
Systex Corp.
TaiDoc Technology Corp.
Taiwan Semiconductor Co. Ltd.
Tong Yang Industry Co. Ltd.
Transcend Information, Inc.
Tripod Technology Corp.
Utechzone Co. Ltd.
Winstek Semiconductor Co. Ltd.

(a)South Africa - 10.9%
AECI Ltd.
Exxaro Resources Ltd.
Investec Ltd.
Investec PLC
Kumba Iron Ore Ltd.
Motus Holdings Ltd.
Nedbank Group Ltd.
Reunert Ltd.
Sanlam Ltd.
Tiger Brands Ltd.
Truworths International Ltd.
South Korea - 12.3%
DB Insurance Co. Ltd.
Doosan Bobcat, Inc.
GS Holdings Corp.
Hancom, Inc.
Hankook Tire & Technology Co. Ltd.
Hanmi Semiconductor Co. Ltd.
Kia Corp.
KT&G Corp.
Poongsan Corp.
Samsung C&T Corp.
Ssangyong C&E Co. Ltd.

538,800 $—
328,200,000
223,200
423,000
11,040,000
17,1604————

1,560,000
20,340458,400
94,200,000
276,600
85,20021,240,000

—
—
—
1
—
—
—
5

571,253
250,928
665,868
677,591
102,294
656,971
239,993
1,188,417
765,594
275,253
1,580,272

2,850,309
2,413,255
4,244,007
4,345,727
2,519,244
2,920,220
2,916,831
4,186,334
2,767,670
3,006,376
6,338,301
38,508,274

52,16467,93997,710216,997
83,781
86,96754,54247,421
92,91928,718580,776

3,672,352
2,565,962
3,174,285
3,768,127
3,582,561
8,494,714
4,656,650
3,067,388
4,369,969
3,118,857
2,941,489
43,412,354

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

Turkey - 3.0%
Enerjisa Enerji AS
Turkiye Petrol Rafinerileri AS

Value

414,000 $5,467,108
621,000
4,157,546
1,168,000
7,263,681
873,000
3,847,291
1,720,054
4,949,605
728,000
4,236,718
861,000
3,926,617
312,000
2,764,327
1,042,000
3,104,048
1,035,000
5,276,396
1,656,000
4,012,604
1,242,000
6,369,817
561,000
4,686,199
2,484,000
2,544,113
209,000
3,966,648
1,009,000
2,739,254
828,000
5,060,253
1,035,000
3,973,190
621,000
2,946,517
953,000
2,136,509
913,000
3,336,619
1,035,000
2,978,303
828,000
5,022,112
1,123,000
3,114,271
3,525,567
873,000
101,405,313
3,328,417
618,971

Total Common Stocks(Cost $303,623,509)

6,993,671
3,742,160
10,735,831
343,781,549

Short-Term Investments - 2.7%
Money Market Funds - 2.7%
First American Treasury Obligations
Fund - Class X, 5.21%(f)Total Short-Term Investments(Cost $9,383,284)

9,383,284

Total Investments - 100.1%(Cost $313,006,793)
Other Assets in Excess of Liabilities - (0.1)%
Total Net Assets - 100.0%

9,383,284
9,383,284

353,164,833(389,779)$352,775,054

Percentages are stated as a percent of net assets.
39

Cambria Emerging Shareholder Yield ETFSchedule of Investments
April 30, 2024

AS - Turkish Joint Stock Company
PAO - Russian Public Stock Company
PJSC - Private Joint Stock Company
PLC - Public Limited Company
PT – Perseroan Terbatas
SA - Sociedad Anónima
SAB de CV - Sociedad Anónima Bursátil de Capital Variable
(a)
(b)

(c)

(d)
(e)

(f)

Represents less than 0.05% of net assets.
Fair value determined using significant unobservable inputs
in accordance with procedures established by and under thesupervision of the Adviser, acting as Valuation Designee. These
securities represented $5 or 0.0% of net assets as of April 30, 2024.
These securities are considered to be illiquid. The aggregate valueof these securities at April 30, 2024, was $5, which represent
0.00% of the Fund’s net assets.
Non-income producing security.
To the extent that the Fund invests a significant portion of its
assets in securities of companies of a single country or region, it
is more likely to be impacted by events or conditions affecting thecountry or region.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

The Global Industry Classification Standard (GICS®) was developed by
and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard &Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI andS&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.
40www.cambriafunds.com

Cambria Tail Risk ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
U.S. Treasury Obligations
Purchased Options

94.3%
5.7%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments.
Par
U.S. Treasury Obligations - 91.0%
U.S. Treasury Bond, 4.125%,
11/15/2032
Total U.S. Treasury Obligations(Cost $79,066,721)

Value$77,786,000 $74,686,714
74,686,714
Notional
AmountShort-Term Investments - 0.9%
Money Market Funds - 0.9%
First American Treasury Obligations
Fund - Class X, 5.21%(a)Total Short-Term Investments(Cost $775,169)

Value

775,169 $775,169

Total Investments - 97.4%(Cost $89,748,676)
Other Assets in Excess of Liabilities - 2.6%
Total Net Assets - 100.0%

775,169

80,003,278
2,094,667$82,097,945

Percentages are stated as a percent of net assets.
(a)Contracts

Value

The rate shown represents the 7-day effective yield as ofApril 30, 2024.

Options Purchased - 5.5%
Put Options - 5.5%
S&P 500® Index
Expires 06/21/2024, Strike
Price: $4,400$7,553,535
Expires 09/20/2024, Strike
Price: $4,000
63,449,694
Expires 09/20/2024, Strike
Price: $4,200
36,760,537
Expires 12/20/2024, Strike
Price: $4,100
71,003,229
Expires 12/20/2024, Strike
Price: $4,200
19,639,191
Expires 03/21/2025, Strike
Price: $4,400
56,399,728
Expires 03/21/2025, Strike
Price: $4,700
28,199,864
Expires 06/20/2025, Strike
Price: $4,800
26,185,588
Expires 06/20/2025, Strike
Price: $4,700
21,653,467
Total Options Purchased(Cost $9,906,786)

15 $12,075
126

214,83073

175,200

141

557,655

39

179,400

112

985,600

56

763,28052

956,54043

696,815
4,541,395

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

41

Cambria Trinity ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Exchange Traded Funds

100.0%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments and investments purchased with proceeds fromsecurities lending.
SharesExchange Traded Funds - 99.8%
Alpha Architect 1-3 Month Box ETF(a)Cambria Emerging Shareholder
Yield ETF(b)(c)Cambria Foreign Shareholder
Yield ETF(b)(c)Cambria Global Real Estate ETF(b)(c)Cambria Global Value ETF(c)Cambria Micro and SmallCap
Shareholder Yield ETF(c)Cambria Shareholder Yield ETF(b)(c)Cambria Tactical Yield ETF(c)Cambria Value and Momentum ETF(c)First Trust Managed Futures Strategy
Fund
Graniteshares Gold Trust(a)Grizzle Growth ETF(d)(e)iMGP DBi Managed Futures
Strategy ETF
Invesco Emerging Markets Sovereign
Debt ETF
Invesco Optimum Yield Diversified
Commodity Strategy No K-1 ETF
iShares Global Industrials ETF
iShares Global Tech ETF(b)JPMorgan USD Emerging Markets
Sovereign Bond ETF
KFA Mount Lucas Managed Futures
Index Strategy ETF(a)(b)
Schwab US TIPS ETF
Simplify Managed Futures
Strategy ETF
SPDR FTSE International Government
Inflation-Protected Bond ETF
VanEck Bitcoin Trust(a)VanEck J.P. Morgan EM Local Currency
Bond ETF
Vanguard Intermediate-Term
Treasury ETF

Value

10,050 $1,074,345
263,242

9,013,406

329,895
173,303
204,6098,841,186
4,108,858
4,415,790

216,145
112,222
169,176
374,306

5,505,689
7,733,218
4,276,769
10,744,191

63,98990,41179,785

3,159,137
2,045,097
2,261,107

116,937

3,499,924

112,197

2,202,427

319,554
16,77330,511

4,505,711
2,261,671
2,150,415

Exchange Traded Funds - 99.8% (continued)
Vanguard Small-Cap Value ETF
Vanguard Total Bond Market ETF
WisdomTree Managed Futures
Strategy Fund
Total Exchange Traded Funds(Cost $102,459,700)

3,163,835

36,44841,331

1,135,002
2,117,387
1,146,135

53,417
20,931

2,069,375
1,398,819

128,871

3,055,531

109,871

6,283,522

61,7052,256,552
106,845,785

Investments Purchased with Proceeds from Securities Lending - 3.7%
First American Government
Obligations Fund - Class X,
5.23%(f)3,960,925
3,960,925
Money Market Funds - 0.2%
First American Treasury Obligations
Fund - Class X, 5.21%(f)Total Short-Term Investments(Cost $4,224,147)

263,222

Total Investments - 103.7%(Cost $106,683,847)
Liabilities in Excess of Other Assets - (3.7%)
Total Net Assets - 100.0%

263,222
4,224,147

111,069,932(3,958,940)$107,110,992

Percentages are stated as a percent of net assets.
EM – Emerging Markets
ETF – Exchange Traded Funds
FTSE – Financial Times Stock Exchange
SPDR – Standard & Poor’s Depository Receipts
TIPS – Treasury Inflated Protected Security
(a)

(c)

(d)

41,845

12,398 $2,236,103
59,213
4,184,583

Short-Term Investments - 3.9%(b)83,078

Value

(e)

(f)

Non-income producing security.
All or a portion of this security is on loan as of April 30, 2024.
The total market value of these securities was $3,798,487 which
represented 3.5% of net assets.
Affiliated company as defined by the Investment Company Act
of 1940.
Affiliated investment managed by Tidal Investments LLC, theFund’s sub-adviser.
Affiliated investment due to the Fund holding more than 5% of theoutstanding shares.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

The accompanying notes are an integral part of these financial statements.
42www.cambriafunds.com

Cambria Trinity ETFSchedule of Investments
April 30, 2024

Transactions with affiliated companies during the year ended April 30, 2024, are as follows:
Market Value
as ofApril 30, 2023

Purchases
In-KindSales
In-KindMarket Value Share Balance
as of
as of
April 30, 2024 April 30, 2024 Dividends

Security Name
Purchases
Sales
Cambria Emerging
Shareholder
Yield ETF
$9,884,898 $96,705 $199,658 $(1,364,066) $(1,476,922) $9,013,406
Cambria Foreign
Shareholder
Yield ETF
10,429,729
6,893,326
34,854(7,312,576)(1,350,305)
8,841,186
Cambria Global
Real Estate ETF
4,513,970
551,028
92,379(223,348)(660,449)
4,108,858
Cambria Global
Value ETF
10,618,324
2,420,582
215,004(7,535,905)(962,268)
4,415,790
Cambria Microand SmallCap
Shareholder
Yield ETF—
5,779,587——(403,990)
5,505,689
Cambria
Shareholder
Yield ETF
4,751,297
4,779,438
100,502(1,955,801)(1,264,435)
7,733,218
Cambria Tactical
Yield ETF—
4,557,496——(297,335)
4,276,769
Cambria Value andMomentum ETF
9,232,280
2,098,751
196,712(765,739)(1,722,470)
10,744,191
Grizzle Growth ETF—
2,299,888—(134,891)(265,878)
2,261,107$49,430,498 $29,476,801 $839,109 $(19,292,326) $(8,404,052) $56,900,214

Change in
Unrealized
Gain (Loss)

Realized
Gain (Loss)

263,242 $587,454 $1,546,392 $126,741

329,895

493,329

538,352(392,194)

173,303

275,192(58,738)(105,984)

204,609566,487

77,242(417,189)

216,145

38,241

106,797

23,295112,222

140,223

980,199

342,018

169,176

25,297

15,125

1,483

374,306
103,316 1,574,351
130,306
79,785
7,628
321,582
40,406
1,922,683 $2,237,167 $5,101,302 $(251,118)

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

43Cambria Cannabis ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Consumer Staples
Health Care
Real Estate
Financials
Industrials
Consumer Discretionary
Information Technology

44.0%(a)35.5%(a)
7.5%
4.3%
3.7%
3.3%
1.7%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments.
(a)

To the extent that the Fund invests a significant portion of its
assets in securities of companies of a single sector, it is more likely
to be impacted by events or conditions affecting the sector.
SharesValue

Common Stocks - 57.6%
Consumer Discretionary - 1.9%
GrowGeneration Corp.(a)71,610 $214,114

Consumer Staples - 25.3%(b)Altria Group, Inc.
British American Tobacco PLC
Imperial Brands PLC
Philip Morris International, Inc.
Turning Point Brands, Inc.
Universal Corp.
Village Farms International, Inc.(a)11,03913,20020,337
4,842
16,848
7,051
115,764

483,619
387,774
464,659
459,699
485,896362,633
177,119
2,821,399

Financials - 2.5%
AFC Gamma, Inc. – REIT

23,265279,180

Health Care - 20.5%
Charlotte’s Web Holdings, Inc.(a)Cronos Group, Inc.(a)Intercure Ltd.(a)Jazz Pharmaceuticals PLC(a)MyMD Pharmaceuticals, Inc.(a)Organigram Holdings, Inc.(a)SNDL, Inc.(a)604,625
191,62254,681
4,392—
167,681
231,792

144,936563,369
159,669
486,4141355,667
572,526
2,282,582

Value

Common Stocks - 57.6% (continued)
Industrials - 2.1%
Hydrofarm Holdings Group, Inc.(a)Urban-Gro, Inc.(a)Information Technology - 1.0%
WM Technology, Inc.(a)Real Estate - 4.3%
Innovative Industrial Properties,
Inc. – REIT
Total Common Stocks(Cost $14,621,496)

130,647 $126,740
53,701
112,235
238,975
87,989111,306

4,672

483,085
6,430,641

Short-Term Investments - 26.5%
Money Market Funds - 26.5%(c)First American Treasury Obligations
Fund - Class X, 5.21%(d)Total Short-Term Investments(Cost $2,957,569)

2,957,569

Total Investments - 84.1%(Cost $17,579,065)
Other Assets in Excess of Liabilities - 15.9%
Total Net Assets - 100.0%

2,957,569
2,957,569

9,388,210
1,772,514$11,160,724

Percentages are stated as a percent of net assets.
PLC - Public Limited Company
REIT – Real Estate Investment Trust
(a)
(b)

(c)

(d)

Non-income producing security.
To the extent that the Fund invests more heavily in a particularindustry or sector of the economy, its performance will beespecially sensitive to developments that significantly affect thoseindustries or sectors.
Value of security exceeds 25% of the Fund’s net assets. Additional
information for this security, including the financial statements, isavailable from the SEC at www.sec.gov.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

The Global Industry Classification Standard (GICS®) was developed by
and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard &Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI andS&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.
44www.cambriafunds.com

Cambria Cannabis ETFSchedule of Investments
April 30, 2024

Schedule of Total Return Swap Contracts
April 30, 2024

Reference Entity
Cresco Labs, Inc.
Glass House Brands, Inc.
Goodness Growth Holdings, Inc.
Green Thumb Industries, Inc.
Grown Rogue International, Inc
Terrascend Corp.
Trulieve Cannabis Corp.
Verano Holdings Corp.

(a)
(b)

Counterparty
Nomura Securities
International, Inc.
Nomura Securities
International, Inc.
Nomura Securities
International, Inc.
Nomura Securities
International, Inc.
Nomura Securities
International, Inc.
Nomura Securities
International, Inc.
Nomura Securities
International, Inc.
Nomura Securities
International, Inc.

Value/
Unrealized
Upfront
Financing Payment Notional Payments Appreciation
Rate(a) Frequency Amount (Receipts) (Depreciation)(b)Long/Short

Maturity
Date

Long

04/15/2025

6.87%

Month

$284,191 $— $—Long

04/15/2025

6.87%

Month

580,635

—

—

Long

04/15/2025

6.87%

Month

565,451

—

—

Long

04/15/2025

6.87%

Month

579,248

—

—

Long

04/15/2025

6.87%

Month

557,760

—

—

Long

04/15/2025

6.87%

Month

281,229

—

—

Long

04/15/2025

6.87%

Month

629,679

—

—

Long

04/15/2025

6.87%

Month

600,054——$— $—Floating rate based on the overnight bank rate and spread of 155 basis points and is reset monthly.
As of April 30, 2024, the balance of unrealized appreciation (depreciation) of swap contracts was $0 due to the reset of swaps on April 30, 2024.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

45

Cambria Global Real Estate ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Real Estate

100.0%(a)100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments.
(a)

To the extent that the Fund invests more heavily in a particularindustry or sector of the economy, its performance will beespecially sensitive to developments that significantly affect thoseindustries or sectors

SharesValue

Real Estate Investments Trusts - 97.0%
Australia - 5.2%
Abacus GroupGPT Group
Hotel Property Investments Ltd.
Stockland
Canada - 1.3%
Boardwalk Real Estate Investment TrustFrance - 2.7%
Carmila SA
Klepierre SA

397,684 $298,838
102,388279,899
146,197
307,795
285,941
99,192
1,172,473
5,460
17,73811,756

Guernsey - 1.3%
Balanced Commercial Property Trust Ltd. 288,599
Japan - 1.3%
Nippon Hotel & Residential Investment
Corp.
Malaysia - 1.4%
IGB Real Estate Investment Trust
Mexico - 4.7%
FIBRA Macquarie Mexico
Fibra Uno Administracion SA de CV
Prologis Property Mexico SA de CV
TF Administradora Industrial S de
RL de CV
Netherlands - 2.5%
Vastned Retail NV
Wereldhave NV

Real Estate Investments Trusts - 97.0% (continued)
Singapore - 1.3%
AIMS APAC Real Estate Investment Trust 318,900 $294,358
South Africa - 5.2%
Attacq Ltd.
Fairvest Ltd. – Class B
Hyprop Investments Ltd.
SA Corporate Real Estate Ltd.

575,321
1,521,896
173,566
2,115,202

308,733
287,863
267,248
288,826
1,152,670

Spain - 1.3%
Lar Espana Real Estate Socimi SA

40,422

294,635

Thailand - 1.3%
Lotus’s Retail Growth Freehold andLeasehold Property Fund

810,800

286,602

Turkey - 7.0%
Emlak Konut Gayrimenkul Yatirim
Ortakligi AS(a)956,760(a)1,069,002
Ozak Gayrimenkul Yatirim Ortakligi
Reysas Gayrimenkul Yatirim Ortakligi AS(a) 381,386
Torunlar Gayrimenkul Yatirim Ortakligi AS 261,339
212,429
Yeni Gimat Gayrimenkul Ortakligi AS(a)281,081
298,337
316,913615,250
280,561583

287,961

813,500

311,934

141,504
164,990
67,789253,176
236,157
266,237

117,800

289,777
1,045,347

12,672
19,735283,319
275,060
558,379

Value

United Kingdom - 1.2%
Target Healthcare Real Estate
Investment Trust PLC
United States - 59.3%(b)Acadia Realty Trust
American Homes 4 Rent - Class A
Apple Hospitality Real Estate
Investment Trust, Inc.
AvalonBay Communities, Inc.
Boston Properties, Inc.
Brandywine Realty Trust
Brixmor Property Group, Inc.
Broadstone Net Lease, Inc.
CareTrust Real Estate Investment
Trust, Inc.
Chatham Lodging Trust
Cousins Properties, Inc.
DiamondRock Hospitality Co.
Douglas Emmett, Inc.
EastGroup Properties, Inc.
Elme Communities
Empire State Realty Trust, Inc. - Class A
EPR Properties
Equity Commonwealth(a)287,741
278,587
375,189
363,448287,295
1,592,260

285,412277,463

18,9208,231

326,938
294,670

18,4151,640
5,100
69,481
13,404
20,178271,805
310,895
315,639
315,444296,228
293,792

12,53430,36012,89332,08023,817
1,686
22,90031,6997,073
16,001

309,840
278,401
295,765
285,512326,531
261,937
347,163
288,461
287,093299,539

The accompanying notes are an integral part of these financial statements.
46www.cambriafunds.com

Cambria Global Real Estate ETFSchedule of Investments
April 30, 2024

SharesValue

SharesReal Estate Investments Trusts - 97.0% (continued)

Short-Term Investments - 2.3%

United States - 59.3% (continued)
Equity Residential
Franklin Street Properties Corp.
Highwoods Properties, Inc.
Host Hotels & Resorts, Inc.
Hudson Pacific Properties, Inc.
Innovative Industrial Properties Real
Estate Investment Trust, Inc.
InvenTrust Properties Corp.
Kilroy Realty Corp.
NexPoint Diversified Real Estate Trust
Omega Healthcare Investors, Inc.
Orion Office Real Estate Investment
Trust, Inc.
Paramount Group, Inc.
Park Hotels & Resorts, Inc.
Pebblebrook Hotel Trust
Piedmont Office Realty Trust, Inc. Class A
Regency Centers Corp.
Retail Opportunity Investments Corp.
Rexford Industrial Realty, Inc.
RLJ Lodging Trust
Sabra Health Care Real Estate
Investment Trust, Inc.
Saul Centers, Inc.
SITE Centers Corp.
STAG Industrial, Inc.
Sunstone Hotel Investors, Inc.
Tanger, Inc.
Vornado Realty Trust
Welltower, Inc.
Whitestone Real Estate Investment
Trust

Money Market Funds - 2.3%
First American Treasury Obligations
Fund - Class X, 5.21%(c)Total Real Estate Investment Trusts(Cost $22,155,367)

4,841 $311,760
131,348244,307
12,292
322,050
14,740278,144
48,901
283,626

Value

510,923 $510,923

Total Short-Term Investments(Cost $510,923)

510,923

3,042
11,965
8,662
11
9,587

314,543
303,193292,77666
291,541

Total Investments - 99.3%(Cost $22,666,290)
Other Assets in Excess of Liabilities - 0.7%
Total Net Assets - 100.0%

96,92270,20817,40018,900302,397
325,765
280,662
274,617

48,2004,915
23,4655,700
25,300332,097
291,066
287,916
244,017
278,300

AS - Turkish Joint Stock Company
NV - Naamloze Vennootschap
SA - Sociedad Anónima
SA de CV - Mexican Public Limited Company with Variable Capital
S de RL de CV – Mexican Limited Responsibility Corporation with
Variable Capital

21,786
7,853
21,6048,009
26,613
10,04012,071
3,251

303,261
285,928
291,438
275,430
271,453284,634
314,208
309,755

25,091

288,547
20,289,150

22,251,047
159,910$22,410,957

Percentages are stated as a percent of net assets.

(a)
(b)

(c)

Non-income producing security.
To the extent that the Fund invests a significant portion of its
assets in securities of companies of a single country or region, it
is more likely to be impacted by events or conditions affecting thecountry or region.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

21,740,124

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

47

Cambria Micro and SmallCap Shareholder Yield ETFSchedule of Investments
April 30, 2024

SharesSector Weightings
Common Stocks
Financials
Industrials
Consumer Discretionary
EnergyMaterials
Communication Services
Information Technology
Health Care
Consumer Staples
Utilities
Closed End Funds

24.0%
21.2%
16.1%
14.4%
5.2%
4.9%
2.7%
2.0%
2.0%
1.1%
6.4%
100.0%

Percentages are stated as a percent of total investments, excluding
short-term investments.
SharesValue

Common Stocks - 92.2%
Communication Services - 4.8%
Nexstar Media Group, Inc.
Scholastic Corp.
Sinclair, Inc.
Spok Holdings, Inc.
TEGNA, Inc.
Consumer Discretionary - 15.9%
Academy Sports & Outdoors, Inc.
Asbury Automotive Group, Inc.(a)Buckle, Inc.
Carter’s, Inc.
Ethan Allen Interiors, Inc.
Foot Locker, Inc.
KB HomeLandsea Homes Corp.(a)ODP Corp.(a)Patrick Industries, Inc.
Perdoceo Education Corp.
Solo Brands, Inc. - Class A(a)Steven Madden Ltd.
Sturm Ruger & Co., Inc.
Travel + Leisure Co.
Under Armour, Inc. - Class C(a)Upbound Group, Inc.

1,604 $256,736
7,099
252,867
21,623265,963
17,119264,489
256,323
18,792
1,296,378
4,128
1,201
6,990
3,297
8,084
10,076
3,946
19,837
5,229
2,329
15,320132,601
6,676
5,890
5,697
39,271
7,739

240,662
252,498
261,356
225,548
228,292
210,085
255,543
229,117
266,209
243,357
280,356
249,290269,777
272,296
248,047
256,047
239,986
4,228,466

The accompanying notes are an integral part of these financial statements.

Value

Common Stocks - 92.2% (continued)
Consumer Staples - 2.0%
Cal-Maine Foods, Inc.
Edgewell Personal Care Co.
Energy - 14.1%
Berry Corp.
California Resources Corp.
CNX Resources Corp.(a)CONSOL Energy, Inc.
CVR Energy, Inc.
Dorian LPG Ltd.
Gulfport Energy Corp.(a)Helmerich & Payne, Inc.
International Seaways, Inc.
Liberty Energy, Inc.
Newpark Resources, Inc.(a)Overseas Shipholding Group, Inc. –Class A
Peabody Energy Corp.
SM Energy Co.
Financials - 23.6%
American Equity Investment Life
Holding Co.
Bancorp, Inc.(a)Brighthouse Financial, Inc.(a)Cathay General Bancorp
CNO Financial Group, Inc.
Employers Holdings, Inc.
Enact Holdings, Inc.
First Busey Corp.
Genworth Financial, Inc.(a)Horace Mann Educators Corp.
International Bancshares Corp.
Jackson Financial, Inc. – Class A
Lincoln National Corp.
Marqeta, Inc. - Class A(a)MGIC Investment Corp.
Mr Cooper Group, Inc.(a)Navient Corp.
Pathward Financial, Inc.
PROG Holdings, Inc.
Radian Group, Inc.
SLM Corp.
Universal Insurance Holdings, Inc.
Westamerica BanCorp
Western Union Co.

4,593 $254,131
7,185
270,299
524,430
34,368
5,067
11,713
3,379
7,629
7,355
1,707
6,523
5,152
13,38437,376

291,784
267,842
275,490279,646
231,769
303,909
270,918
256,550
284,854
294,448259,389

43,042
11,475
5,530

261,695
251,762
268,150
3,798,206

4,827
8,513
5,445
7,257
10,024
6,066
8,896
11,74342,974
7,518
5,014
4,185
8,841
46,234
12,464
3,568
15,779
5,489
7,959
8,328
12,782
13,771
5,740
19,764

270,843
254,879
262,721249,931
263,932
258,351
264,478
262,339
254,836
277,113279,029
285,918
241,094
256,599
252,770
275,450
237,001
276,481
264,557
248,757
270,851
268,810
267,197
265,628
6,309,565

48www.cambriafunds.com

Cambria Micro and SmallCap Shareholder Yield ETFSchedule of Investments
April 30, 2024

SharesValue

Common Stocks - 92.2% (continued)
Health Care - 2.0%
Innoviva, Inc.(a)Patterson Cos., Inc.

17,976 $271,618
255,209
10,020526,827

Industrials - 20.9%
ACCO Brands Corp.
Apogee Enterprises, Inc.
Atkore, Inc.
Brady Corp. - Class A
Deluxe Corp.
Encore Wire Corp.
Genco Shipping & Trading Ltd.
GMS, Inc.(a)Greenbrier Cos., Inc.
HireRight Holdings Corp.(a)Insteel Industries, Inc.
Kelly Services, Inc. - Class A
Kennametal, Inc.
ManpowerGroup, Inc.
Matson, Inc.
MillerKnoll, Inc.
Pangaea Logistics Solutions Ltd.
Proto Labs, Inc.(a)REV Group, Inc.
SkyWest, Inc.(a)Wabash National Corp.

48,465
4,599
1,486
4,593
13,351
1,101
13,6882,824
5,354
19,002
7,351
10,925
11,182
3,640
2,489
9,036
39,936
7,796
13,654
3,953
9,487

233,601
284,126
260,496
270,987
263,682
307,575
292,102261,276
264,434
271,729
235,967
250,620
263,112274,638
268,264
229,785
287,539
237,622
298,476
288,688219,245
5,563,964

Information Technology - 2.8%
DXC Technology Co.(a)Immersion Corp.
Xerox Holdings Corp.

13,06835,262
15,303

254,695
256,355
203,377
714,427

Materials - 5.1%
Alpha Metallurgical Resources, Inc.
Kronos Worldwide, Inc.
LSB Industries, Inc.(a)Ryerson Holding Corp.
Sylvamo Corp.

854
22,73933,5608,468
4,428

279,360
260,362
312,108
241,761
276,750
1,370,341

4,690

277,742

Utilities - 1.0%
ALLETE, Inc.
Total Common Stocks(Cost $24,329,924)

SharesClosed End Funds - 6.3%
Bain Capital Specialty Finance, Inc.
BlackRock TCP Capital Corp.
Carlyle Secured Lending, Inc.
CION Investment Corp.
Goldman Sachs BDC, Inc.
PennantPark Investment Corp.
Total Closed End Funds(Cost $1,623,639)

Value

16,916 $281,313
26,520267,322
16,514
283,545
25,178287,785
17,682274,778
286,452
40,232
1,681,195

Short-Term Investments - 1.4%
Money Market Funds - 1.4%
First American Treasury Obligations
Fund - Class X, 5.21%(b)Total Short-Term Investments(Cost $373,916)

373,916

Total Investments - 99.9%(Cost $26,327,479)
Other Assets in Excess of Liabilities - 0.1%
Total Net Assets - 100.0%

373,916
373,916

26,665,457
19,466$26,684,923

Percentages are stated as a percent of net assets.
(a)(b)

Non-income producing security.
The rate shown represents the 7-day effective yield as ofApril 30, 2024.

The Global Industry Classification Standard (GICS®) was developed by
and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard &Poor Financial Services LLC (“S&P”). GICS is a service mark of MSCI andS&P and has been licensed for use by U.S. Bank Global Fund Services.

24,610,346

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

49

Cambria Tactical Yield ETFSchedule of Investments
April 30, 2024

Sector Weightings
Government

100.0%
100.0%

Percentages based on total investments, excluding money market funds.
SharesValue

Short-Term Investments - 99.9%
Money Market Funds - 0.4%
First American Treasury Obligations
Fund - Class X, 5.21%(a)U.S. Treasury Bills - 99.5%
5.28%, 06/13/2024(b)5.00%, 10/31/2024(b)5.15%, 03/20/2025(b)56,495 $56,495
Par

Value

$4,620,000
4,730,000
4,820,000

4,590,948
4,605,932
4,603,402
13,800,282

Total Short-Term Investments(Cost $13,868,825)
Total Investments - 99.9%(Cost $13,868,825)
Other Assets in Excess of Liabilities - 0.1%
Total Net Assets - 100.0%

13,856,777

13,856,777
13,701$13,870,478

Percentages are stated as a percent of net assets.
(a)

(b)

The rate shown represents the 7-day effective yield as ofApril 30, 2024.
The rate shown is the effective yield as of April 30, 2024.

The accompanying notes are an integral part of these financial statements.
50www.cambriafunds.com

Cambria ETF TrustStatements of Assets and Liabilities
April 30, 2024

Cambria
Shareholder
Yield
ETF

Cambria
Foreign
Shareholder Yield
ETF

Cambria
GlobalValue
ETF

Cambria
GlobalMomentum
ETF

Assets:Unaffiliated investments, at value*
Affiliated investments, at value
Cash and cash equivalents
Receivable for investments soldReceivable for fund shares sold
Dividends and interest receivable
Reclaim receivable
Securities lending income receivable
Total assets$1,194,124,421 $276,124,657 $104,923,860 $54,309,857———
82,526,364—
157
130,186———
635,791
1,396,661
6,980,175
1,339,590——
1,228,098
2,756,982
560,500
5,847
14,637519,288465,341
—
1,100
3,190
—
—
1,202,348,431
280,743,864
106,715,678
138,238,729

Liabilities:
Payable to investment adviser
Payable upon return of securities loaned
Payable for investments purchased
Payable for fund shares redeemed
Custodian fees
Total liabilities

Net Assets

590,108
12,582,845
6,912,964——
20,085,917

129,797
7,357,219
1,318,196——
8,805,212

55,125—
1,805,169—
7,286
1,867,580

68,501——
1,409,900—
1,478,401$1,182,262,514 $271,938,652 $104,848,098 $136,760,328

Net Assets Consists of:
Paid-in capital
Total distributable (accumulated) earnings (losses)$1,238,026,950 $272,292,900 $145,101,925 $148,156,612(55,764,436)(354,248)(40,253,827)(11,396,284)

Net Assets$1,182,262,514 $271,938,652 $104,848,098 $136,760,328

Net Asset Value
Outstanding shares of beneficial interest(unlimited authorization - no par value)
Net asset value, offering and redemption price per share
Unaffiliated investments at cost
Affiliated investments at cost
*Includes value of securities on loan

17,150,000$68.94

10,150,010$26.79

4,850,010$21.62

4,850,001$28.20$1,195,949,345 $260,589,450 $114,937,590 $51,400,424$— $— $— $74,958,230$11,904,696 $6,797,236 $— $—

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

51

Cambria ETF TrustStatements of Assets and Liabilities
April 30, 2024

Cambria
Global Asset
Allocation
ETF

Cambria
Value and
Momentum
ETF

Cambria
GlobalTail Risk
ETF

Cambria
Emerging
Shareholder
Yield ETF

Assets:Unaffiliated investments, at value*
Affiliated investments, at value
Cash and cash equivalents
Foreign currency, at value
Dividends and interest receivable
Reclaims receivable
Securities lending income receivable
Variation margin
Deposits with broker
Total assets$30,873,787 $59,169,384 $2,406,051 $353,164,833
25,093,102
—
—
—
—
—
7,200
244,558
—
—
5,209
—
456
34,515574
758,154——
11,154
126,090
1,050
21
—
—
—
444,000———
2,604,985
55,876—55,968,395
62,252,905
2,486,064
354,293,635

Liabilities:
Payable to investment adviser
Payable upon return of securities loaned
Deferred foreign capital gains tax payable
Custodian fees
Total liabilities

Net Assets—
2,337,750——
2,337,750

31,256472,450——
503,706—————

163,510—
1,346,468
8,603
1,518,581$53,630,645 $61,749,199 $2,486,064 $352,775,054

Net Assets Consists of:
Paid-in capital
Total distributable (accumulated) earnings (losses)$54,102,738 $85,842,732 $4,104,352 $317,888,813(472,093)(24,093,533)(1,618,288)
34,886,241

Net Assets$53,630,645 $61,749,199 $2,486,064 $352,775,054

Net Asset Value
Outstanding shares of beneficial interest(unlimited authorization - no par value)
Net asset value, offering and redemption price per share
Unaffiliated investments at cost
Affiliated investments at cost
Cost of foreign currency*Includes value of securities on loan

1,900,001
2,150,004
150,000
10,350,004$28.23 $28.72 $16.57 $34.08$32,198,509$23,351,018$—$2,270,888$54,443,477$—$—$456,301$2,633,009$—$16,315$—$313,006,793
$—
$—
$—

The accompanying notes are an integral part of these financial statements.
52www.cambriafunds.com

Cambria ETF TrustStatements of Assets and Liabilities
April 30, 2024

Cambria
Tail Risk
ETF

Cambria
Trinity
ETF

Cambria
GlobalReal Estate
ETF

Cambria
Cannabis
ETF

Assets:Unaffiliated investments, at value*
Affiliated investments, at value
Cash and cash equivalents
Receivable for swap contracts
Dividends and interest receivable
Reclaim receivable
Securities lending income receivable
Deposits with broker
Total assets$80,003,278 $54,169,718 $9,388,210 $22,251,047—
56,900,214
—
—
—
—
—
—
—
—
425,581—
1,486,765
880
24,289120,412———
24,698
—
1,105
2,644
—
649,006—
1,320,000
14,80082,139,049
111,071,917
11,160,724
22,410,957

Liabilities:
Payable to investment adviser
Payable upon return of securities loaned
Total liabilities

Net Assets

41,104—
41,104—3,960,925
3,960,925

—
—
—

—
—
—

$82,097,945 $107,110,992 $11,160,724 $22,410,957

Net Assets Consists of:
Paid-in capital
Total distributable (accumulated) earnings (losses)$262,404,541 $108,223,223 $34,636,801 $27,558,133(180,306,596)(1,112,231)(23,476,077)(5,147,176)

Net Assets$82,097,945 $107,110,992 $11,160,724 $22,410,957

Net Asset Value
Outstanding shares of beneficial interest(unlimited authorization - no par value)
Net asset value, offering and redemption price per share
Unaffiliated investments at cost
Affiliated investments at cost
*Includes value of securities on loan

6,950,002
4,200,002
1,650,002
950,002$11.81 $25.50 $6.76 $23.59$89,748,676 $54,226,993 $17,579,065 $22,666,290$— $52,456,854 $— $—$— $3,798,487 $— $—

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

53

Cambria ETF TrustStatements of Assets and Liabilities
April 30, 2024

Cambria
Micro and
SmallCap
Shareholder
Yield ETF(a)Cambria
TacticalYield
ETF(a)

Assets:Unaffiliated investments, at value
Dividends and interest receivable
Total assets$26,665,457 $13,856,777
19,466
13,701
26,684,923
13,870,478

Liabilities:
Total liabilities

—(b)

—(b)

Net Assets$26,684,923 $13,870,478

Net Assets Consists of:
Paid-in capital
Total distributable (accumulated) earnings (losses)$26,146,140 $13,808,495
538,783
61,983

Net Assets$26,684,923 $13,870,478

Net Asset Value
Outstanding shares of beneficial interest(unlimited authorization - no par value)
Net asset value, offering and redemption price per share
Unaffiliated investments at cost(a)(b)

1,050,000
550,000$25.41 $25.22$26,327,479 $13,868,825

Inception Date January 4, 2024.
As of April 30, 2024, the Fund had no liabilities.

The accompanying notes are an integral part of these financial statements.
54www.cambriafunds.com

Cambria ETF TrustStatements of Operations
For the Year or Period Ended April 30, 2024

Cambria
Shareholder
Yield
ETF

Cambria
Foreign
Shareholder Yield
ETF

Cambria
GlobalValue
ETF

Cambria
GlobalMomentum
ETF

Investment Income:
Dividend income from unaffiliated investments
Dividend income from affiliated investments
Less: Dividend withholding taxes
Interest income
Securities lending income
Total investment income$23,509,503 $14,116,224 $7,601,791 $2,139,169———
3,758,306—(1,420,059)(831,897)—
339,898
201,635
234,90773,18438,08462,45914,241
91,95723,887,485
12,960,259
7,019,042
6,062,616

Expenses:
Management fees
Custodian fees
Total expenses
Waiver of management fees
Net expenses

Net Investment Income

5,443,898—
5,443,898—
5,443,898
18,443,587

1,311,347—
1,311,347—
1,311,347
11,648,912

715,705
61,976
777,681—
777,6816,241,361

902,819—
902,819—
902,819
5,159,797

122,901,059——
122,901,059

810,435—(104,417)
706,018

2,567,294—(152,497)
2,414,797(3,104,609)(1,424,099)—(4,528,708)

31,772,065—(185)
31,771,880

15,534,146—(57,499)
15,476,647

571,914—(5,020)566,894(724,674)
5,330,360—
4,605,686

154,672,939

16,182,665

2,981,691

76,978Net Realized and Unrealized Gain (Loss) on Investments andForeign Currency:
Net realized gain (loss) from:
Unaffiliated investments
Affiliated investments
Foreign currency transactions
Net realized gain (loss)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments(a)Affiliated investments(a)Foreign currency translations
Net change in unrealized appreciation (depreciation)
Net realized and unrealized gain (loss) on investments andforeign currency

Net Increase (Decrease) in Net Assets Resulting
from Operations(a)$173,116,526 $27,831,577 $9,223,052 $5,236,775

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

55

Cambria ETF TrustStatements of Operations
For the Year or Period Ended April 30, 2024

Cambria
Global Asset
Allocation
ETF

Cambria
Value and
Momentum
ETF

Cambria
GlobalTail Risk
ETF

Cambria
Emerging
Shareholder
Yield ETF

Investment Income:
Dividend income from unaffiliated investments
Dividend income from affiliated investments
Less: Dividend withholding taxes
Interest income
Securities lending income
Total investment income$991,187 $868,589 $88,402 $13,742,226
895,432——————(1,874,617)
26,53598,37437,410332,323
26,4997335
6,625
1,939,653
966,970
126,147
12,206,557

Expenses:
Management fees
Custodian fees
Broker fees
Total expenses
Waiver of management fees
Net expenses

—
—
—
—
—
—
1,939,653

361,069—
32,242
393,311—393,311573,659

19,129—963
20,092(2,503)
17,589108,558

1,375,996
96,479—1,472,475—
1,472,475
10,734,082

Net realized gain (loss) from:
Unaffiliated investments(a)Affiliated investments(a)Foreign currency transactions
Futures contracts
Net realized gain (loss)(709,283)
435,875——(273,408)

11,017,370——(7,712,988)
3,304,382(695,489)—
71—(695,418)(157,370)—(274,190)—(431,560)

Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments
Affiliated investments

932,257
1,625,133

4,646,561—

196,669—

50,776,454————
2,557,390—
1,997,081—
6,643,642(9,125)——
187,544(15,005)—(1,050,865)
49,710,584

2,283,982

9,948,024(507,874)

49,279,024

Net Investment Income
Net Realized and Unrealized Gain (Loss) on Investments andForeign Currency:

Foreign currency translations
Futures contracts
Foreign capital gains tax
Net change in unrealized appreciation (depreciation)
Net realized and unrealized gain (loss) on investments andforeign currency

Net Increase (Decrease) in Net Assets Resulting
from Operations(a)$4,223,635 $10,521,683 $(399,316) $60,013,106

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
56www.cambriafunds.com

Cambria ETF TrustStatements of Operations
For the Year or Period Ended April 30, 2024

Cambria
Tail Risk
ETF

Cambria
Trinity
ETF

Cambria
Cannabis
ETF

Cambria
GlobalReal Estate
ETF

Investment Income:
Dividend income from unaffiliated investments
Dividend income from affiliated investments
Less: Dividend withholding taxes
Interest income
Securities lending income
Total investment income$— $1,973,161 $365,282 $1,155,279—
2,237,167—————(103,156)
5,319,512
79,061
55,65623,249—18,73014,483490
5,319,512
4,308,119435,421
1,075,862

Expenses:
Management fees
Total expenses
Waiver of management fees
Net expenses

Net Investment Income

825,641825,641—825,641
4,493,871————
4,308,119

59,58859,588(24,162)
35,426399,995

136,983
136,983(22,527)
114,456
961,406(30,375,217)———(30,375,217)(2,745,570)(251,118)——(2,996,688)(9,513,683)—(523)
596,938(8,917,268)(849,966)—(21,317)—(871,283)(637,232)———(637,232)

1,166,645
5,101,302——
6,267,947

9,761,370—(1,344)—9,760,026

583,789—(573)—
583,216(31,012,449)

3,271,259

842,758(288,067)

Net Realized and Unrealized Gain (Loss) on Investments andForeign Currency:
Net realized gain (loss) from:
Unaffiliated investments(a)Affiliated investments(a)Foreign currency transactions
Swap contracts
Net realized gain (loss)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments
Affiliated investments
Foreign currency translations
Swap contracts
Net change in unrealized appreciation (depreciation)
Net realized and unrealized gain (loss) on investments andforeign currency

Net Increase (Decrease) in Net Assets Resulting
from Operations(a)$(26,518,578) $7,579,378 $1,242,753 $673,339

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

57

Cambria ETF TrustStatements of Operations
For the Year or Period Ended April 30, 2024

Cambria
Micro and
SmallCap
Shareholder
Yield ETF(a)Cambria
TacticalYield
ETF(a)

Investment Income:
Dividend income from unaffiliated investments
Interest income
Total investment income$208,241 $—
9,551
143,240
217,792
143,240

Expenses:
Management fees
Total expenses
Waiver of management fees
Net expenses

Net Investment Income

40,18040,180(26,300)
13,880203,912

16,175
16,175(11,198)
4,977
138,263

169,996
169,996——

337,978
337,978
507,974(12,048)(12,048)(12,048)

Net Realized and Unrealized Gain (Loss) on Investments andForeign Currency:
Net realized gain (loss) from:
Unaffiliated investments(b)Net realized gain (loss)
Net change in unrealized appreciation (depreciation) on:
Unaffiliated investments
Net change in unrealized appreciation (depreciation)
Net realized and unrealized gain (loss) on investments and foreign currency

Net Increase (Decrease) in Net Assets Resulting
from Operations(a)(b)$711,886 $126,215

Inception Date January 4, 2024.
Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
58www.cambriafunds.com

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Shareholder Yield ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Cambria
Foreign Shareholder Yield ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Operations:
Net investment income
Net realized gain (loss) from investments and foreign currency(a)Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities inforeign currencies
Net increase (decrease) in net assets from operations$18,443,587 $15,537,282 $11,648,912 $6,610,333
122,901,059(11,730,307)
706,018(3,444,366)
31,771,880
173,116,526(22,392,723)(18,585,748)

15,476,647
27,831,577

1,928,741
5,094,708(18,189,105)(18,508,788)(12,160,168)(5,789,832)

751,168,272(441,887,187)—

322,449,091(81,834,941)—

145,835,241(77,228,721)
6,392

121,594,482——

309,281,085
464,208,506

240,614,150
203,519,614

68,612,912
84,284,321

121,594,482
120,899,358

Distributions to Shareholders:
Net distributions to shareholders

Capital Transactions:IssuedRedeemed
Transaction Fees (Note 2)
Net increase (decrease) in net assets from
capital share transactions
Total net increase (decrease) in net assets

Net Assets:
Beginning of the year or period
End of the year or period

718,054,008
514,534,394
187,654,331
66,754,973$1,182,262,514 $718,054,008 $271,938,652 $187,654,331

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions(a)

11,000,000(6,200,000)

5,300,000(1,400,000)

5,800,000(3,100,000)

4,900,000—

4,800,000

3,900,000

2,700,000

4,900,000

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

59

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Global Value ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Cambria
Global Momentum ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Operations:
Net investment income
Net realized gain (loss) from investments and foreign currency(a)Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities inforeign currencies
Net increase (decrease) in net assets from operations$6,241,361 $5,746,579 $5,159,797 $3,365,641
2,414,797
3,279,818(4,528,708)(12,035,915)
566,894
9,223,052

790,033
9,816,430

4,605,686
5,236,775(1,852,719)(10,522,993)(7,413,483)—(7,413,483)(5,123,088)—(5,123,088)(4,864,989)(90,620)(4,955,609)(3,308,682)—(3,308,682)

23,355,325(58,332,382)
37,21045,063,719(14,165,016)—

5,410,020(46,883,221)—

134,679,294(24,457,816)—(34,939,847)(33,130,278)

30,898,703
35,592,045(41,473,201)(41,192,035)

110,221,478
96,389,803

Distributions to Shareholders:Distributions to shareholders
Return of capitalNet distributions to shareholders

Capital Transactions:IssuedRedeemed
Transaction Fees (Note 2)
Net increase (decrease) in net assets from
capital share transactions
Total net increase (decrease) in net assets

Net Assets:
Beginning of the year or period
End of the year or period

137,978,376
102,386,331
177,952,363
81,562,560$104,848,098 $137,978,376 $136,760,328 $177,952,363

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions(a)1,100,000(2,900,000)

2,400,000(750,000)

200,000(1,700,000)

4,600,000(850,000)(1,800,000)

1,650,000(1,500,000)

3,750,000

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
60www.cambriafunds.com

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Global Asset Allocation ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Cambria
Value and Momentum ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Operations:
Net investment income
Net realized gain (loss) from investments, futures contracts andforeign currency(a)Net change in unrealized appreciation (depreciation) on
investments, futures contracts and translation of assets andliabilities in foreign currencies
Net increase (decrease) in net assets from operations$1,939,653 $1,881,940 $573,659 $1,773,188(273,408)

147,886

3,332,643(4,526,032)

2,557,390
4,223,635(2,859,609)(829,783)

6,615,381
10,521,683(5,164,142)(7,916,986)(1,918,316)(2,092,946)(592,601)(1,755,804)

6,801,606(6,748,017)

9,647,654(1,386,118)

39,441,240(51,657,478)

110,716,425(68,475,916)

53,5892,358,908

8,261,536
5,338,807(12,216,238)(2,287,156)

42,240,509
32,567,719

Distributions to Shareholders:
Net distributions to shareholders

Capital Transactions:IssuedRedeemed
Net increase (decrease) in net assets from
capital share transactions
Total net increase (decrease) in net assets

Net Assets:
Beginning of the year or period
End of the year or period

51,271,737
45,932,930
64,036,355
31,468,636$53,630,645 $51,271,737 $61,749,199 $64,036,355

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions(a)

250,000(250,000)

350,000(50,000)

1,400,000(1,850,000)

4,100,000(2,700,000)—

300,000(450,000)

1,400,000

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

61

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Global Tail Risk ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Cambria
Emerging Shareholder Yield ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Operations:
Net investment income
Net realized gain (loss) from investments and foreign currency(a)Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities inforeign currencies
Net increase (decrease) in net assets from operations$108,558 $104,943 $10,734,082 $7,748,342(695,418)(974,611)(431,560)(4,093,037)
187,544(399,316)

366,834(502,834)

49,710,584
60,013,106

705,005
4,360,310(92,027)(23,504)(115,531)———(12,050,108)—(12,050,108)(7,385,645)—(7,385,645)—(928,935)—

3,304,059(3,227,221)—

128,713,314—
123,516

87,812,440(2,492,086)—(928,935)(1,443,782)

76,838(425,996)

128,836,830
176,799,828

85,320,354
82,295,019

Distributions to Shareholders:Distributions to shareholders
Return of capitalNet distributions to shareholders

Capital Transactions:IssuedRedeemed
Transaction Fees (Note 2)
Net increase (decrease) in net assets from
capital share transactions
Total net increase (decrease) in net assets

Net Assets:
Beginning of the year or period
End of the year or period

3,929,846
4,355,842
175,975,226
93,680,207$2,486,064 $3,929,846 $352,775,054 $175,975,226

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions(a)—(50,000)

150,000(150,000)

4,200,000—

3,150,000(100,000)(50,000)—

4,200,000

3,050,000

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
62www.cambriafunds.com

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Tail Risk ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Cambria
Trinity ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Operations:
Net investment income$4,493,871 $6,158,275 $4,308,119 $3,265,308
Net realized gain (loss) from investments(30,375,217)(71,798,664)(2,996,688)(259,452)(637,232)
21,443,374
6,267,947(4,059,410)
Net change in unrealized appreciation (depreciation) on investments(26,518,578)(44,197,015)
7,579,378(1,053,554)
Net increase (decrease) in net assets from operations

Distributions to Shareholders:Distributions to shareholders
Return of capitalNet distributions to shareholders(4,835,037)—(4,835,037)(5,934,009)—(5,934,009)(4,200,302)(156,484)(4,356,786)(4,077,927)—(4,077,927)

19,890,706(130,810,997)
31

287,583,821(417,503,209)—

2,449,493(17,660,925)—

81,891,017(8,617,238)—(110,920,260)(142,273,875)(129,919,388)(180,050,412)(15,211,432)(11,988,840)

73,273,779
68,142,298

Capital Transactions:IssuedRedeemed
Transaction Fees (Note 2)
Net increase (decrease) in net assets from
capital share transactions
Total net increase (decrease) in net assets

Net Assets:
Beginning of the year or period
End of the year or period

224,371,820
404,422,232
119,099,832
50,957,534$82,097,945 $224,371,820 $107,110,992 $119,099,832

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions

1,500,000(9,900,000)

17,600,000(26,150,000)

100,000(700,000)

3,250,000(350,000)(8,400,000)(8,550,000)(600,000)

2,900,000

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

63

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Cannabis ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Cambria
Global Real Estate ETF
Year EndedYear Ended
April 30, 2024
April 30, 2023

Operations:
Net investment income$399,995 $459,704 $961,406 $917,571
Net realized gain (loss) from investments, swap contracts and(8,917,268)(5,369,724)(871,283)(2,748,431)
foreign currency(a)Net change in unrealized appreciation (depreciation) on
investments, swap contracts and translation of assets and liabilities
9,760,026(1,820,598)
583,216(1,246,481)
in foreign currencies
1,242,753(6,730,618)
673,339(3,077,341)
Net increase (decrease) in net assets from operations

Distributions to Shareholders:
Net distributions to shareholders(397,187)(415,452)(1,425,683)(783,635)—(873,388)

1,144,071(2,589,495)

1,197,842(3,705,397)

14,885,328(9,162,043)(873,388)(27,822)(1,445,424)(8,591,494)(2,507,555)(3,259,899)

5,723,285
1,862,309

Capital Transactions:IssuedRedeemed
Net increase (decrease) in net assets from
capital share transactions
Total net increase (decrease) in net assets

Net Assets:
Beginning of the year or period
End of the year or period

11,188,546
19,780,040
25,670,856
23,808,547$11,160,724 $11,188,546 $22,410,957 $25,670,856

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding fromshare transactions(a)—(150,000)

100,000(150,000)

50,000(150,000)

600,000(350,000)(150,000)(50,000)(100,000)

250,000

Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
64www.cambriafunds.com

Cambria ETF TrustStatements of Changes in Net Assets

Cambria
Micro and
SmallCap
Shareholder Yield
Cambria
ETF
Tactical Yield ETF
Period Ended
Period Ended
April 30, 2024(a)April 30, 2024(a)Operations:
Net investment income$203,912(b)
169,996
Net realized gain (loss) from investments and foreign currency
Net change in unrealized appreciation (depreciation) on investments and translation of assets and liabilities
337,978
in foreign currencies
711,886
Net increase (decrease) in net assets from operations

138,263—(12,048)
126,215

Distributions to Shareholders:
Net distributions to shareholders(173,103)(64,232)

26,146,140—

13,808,495—

26,146,140
26,684,923

13,808,495
13,870,478

Capital Transactions:IssuedRedeemed
Net increase (decrease) in net assets from
capital share transactions
Total net increase (decrease) in net assets

Net Assets:
Beginning of the year or period
End of the year or period——$26,684,923 $13,870,478

Share Transactions
IssuedRedeemed
Net increase (decrease) in shares outstanding from share transactions(a)(b)

1,050,000—
1,050,000

550,000—
550,000

Inception Date January 4, 2024.
Includes realized gain or loss as a result of in-kind transactions (See Note 5 in Notes to Financial Statements).

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

65

Cambria Shareholder Yield ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$58.14$60.89$62.48$29.82$37.47

1.29
10.75
12.04

1.48
(2.54)(1.06)

1.17(1.27)(0.10)

0.88
32.60
33.48

0.86
(7.66)(6.80)

From Net Investment Income
From Net Realized Gains
Total Distributions(1.24)—(1.24)(1.40)(0.29)(1.69)(1.23)(0.26)(1.49)(0.82)—(0.82)(0.85)—(0.85)Net Asset Value, End of Year$68.94$58.14$60.89$62.48$29.82

Net Asset Value, Beginning of Year
Income (Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss) on Investments(b)Total from Operations

Distributions:

Total Return

20.84%(1.59)%(0.21)%

113.92%(18.43)%$1,182,263
0.59%
2.00%
50%

$718,054
0.59%
2.42%
41%

$514,534
0.59%
1.85%
51%

$278,023
0.59%
1.95%
37%

$61,127
0.59%
2.40%
30%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expense to Average Net Assets
Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(c)
(a)
(b)

(c)

Per share data calculated using the average shares method.
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value pershare for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

The accompanying notes are an integral part of these financial statements.
66www.cambriafunds.com

Cambria Foreign Shareholder Yield ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$25.19$26.18$27.65$17.86$23.56

1.31
1.77
3.08

1.54
(1.01)
0.53

1.28(1.32)(0.04)

0.75
9.86
10.61

0.90
(5.60)(4.70)

From Net Investment Income
Total Distributions(1.48)(1.48)(1.52)(1.52)(1.43)(1.43)(0.82)(0.82)(1.00)(1.00)Net Asset Value, End of Year$26.79$25.19$26.18$27.65$17.86

Net Asset Value, Beginning of Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss) on Investments(b)Total from Operations

Distributions:

Total Return

12.94%

2.72%(0.31)%

60.72%(20.47)%$271,939
0.59%
5.25%
44%

$187,654
0.59%
6.56%
34%

$66,755
0.59%
4.68%
63%

$30,416
0.59%
3.29%
59%

$17,862
0.59%
4.04%
47%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expense to Average Net Assets
Ratio of Net Investment Income to Average Net Assets(c)Portfolio Turnover(c)
(a)
(b)

(c)

Per share data calculated using the average shares method.
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value pershare for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

67

Cambria Global Value ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$20.75$20.48$22.96$16.37$23.37

1.05
0.98
2.03

1.03
0.24
1.27

0.96
(2.60)(1.64)

0.53
6.44
6.97

0.62
(6.91)(6.29)

From Net Investment Income
Total Distributions(1.16)(1.16)(1.00)(1.00)(0.84)(0.84)(0.38)(0.38)(0.71)(0.71)Net Asset Value, End of Year$21.62$20.75$20.48$22.96$16.37

Net Asset Value, Beginning of Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss) on Investments(b)Total from Operations

Distributions:

Total Return10.33%

6.97%(7.47)%

43.20%(27.71)%$104,848
0.64%
5.15%
36%

$137,978
0.67%
5.48%
94%

$102,386
0.66%
4.19%
3%

$122,851
0.66%
2.75%
14%

$96,587
0.65%
2.84%
25%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expense to Average Net Assets
Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(c)
(a)
(b)

(c)

Per share data calculated using the average shares method.
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value pershare for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

The accompanying notes are an integral part of these financial statements.
68www.cambriafunds.com

Cambria Global Momentum ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$28.02$31.37$29.73$23.07$25.09

0.93
0.16
1.09

0.65
(3.42)(2.77)

1.28
1.68
2.96

0.29
6.69
6.98

0.56
2.02
(1.46)

From Net Investment Income
Return of Capital
Total Distributions(0.89)(0.02)(0.91)(0.58)—(0.58)(1.25)(0.07)(1.32)(0.30)(0.02)(0.32)(0.54)(0.02)(0.56)Net Asset Value, End of Year$28.20$28.02$31.37$29.73$23.07

Net Asset Value, Beginning of Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss) on Investments(b)Total from Operations

Distributions:

Total Return

3.98%(8.81)%

10.19%

30.49%(6.02)%$136,760
0.59%
3.38%
166%

$177,952
0.59%
2.25%
307%

$81,563
0.59%
4.19%
69%

$62,434
0.59%
1.13%
115%

$78,449
0.59%
2.25%
251%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expense to Average Net Assets(c)Ratio of Net Investment Income to Average Net Assets(d)Portfolio Turnover(e)
(a)
(b)

(c)
(d)

(e)

Per share data calculated using the average shares method.
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value pershare for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
Expense ratios do not include expenses of the underlying funds.
Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies inwhich the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

69

Cambria Global Asset Allocation ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$26.99$28.71$31.55$24.36$26.82

1.05
1.24
2.29

1.11
(1.61)(0.5)

1.99(2.85)(0.86)

0.58
7.33
7.91

0.86
(2.36)(1.50)

From Net Investment Income
From Net Realized Gains
Total Distributions(1.05)—(1.05)(1.07)(0.15)(1.22)(1.98)—(1.98)(0.72)—(0.72)(0.85)(0.11)(0.96)Net Asset Value, End of Year$28.23$26.99$28.71$31.55$24.36

Net Asset Value, Beginning of Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss) on Investments(b)Total from Operations

Distributions:

Total Return

8.63%(1.58)%(3.01)%

33.00%(5.87)%$53,631
0.00%
3.84%
13%

$51,272
0.00%
4.08%
0%

$45,933
0.00%
6.36%
8%

$52,061
0.00%
2.07%
20%

$49,930
0.00%
3.24%
9%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expense to Average Net Assets(c)Ratio of Net Investment Income to Average Net Assets(d)Portfolio Turnover(e)
(a)
(b)

(c)
(d)

(e)

Per share data calculated using the average shares method.
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value pershare for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
Expense ratios do not include expenses of the underlying funds.
Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies inwhich the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

The accompanying notes are an integral part of these financial statements.
70www.cambriafunds.com

Cambria Value and Momentum ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$24.63$26.22$23.21$16.64$20.83

0.25
4.10
4.35

0.54
(1.66)(1.12)

0.25
3.02
3.27

0.14
6.63
6.77

0.18
(4.17)(3.99)

From Net Investment Income
Total Distributions(0.26)(0.26)(0.47)(0.47)(0.26)(0.26)(0.20)(0.20)(0.20)(0.20)Net Asset Value, End of Year$28.72$24.63$26.22$23.21$16.64

Net Asset Value, Beginning of Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss) on Investments(b)Total from Operations

Distributions:

Total Return17.75%(4.34)%

14.17%

41.05%(19.32)%$61,749
0.64%(c)0.94%
63%$64,036
0.61%(b)2.00%
71%$31,469
0.59%
1.02%
78%

$18,567
0.61%(d)0.70%
97%$10,818
0.63%(e)0.92%76%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(f)
(a)
(b)

(c)
(d)
(e)
(f)

Per share data calculated using the average shares method.
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value pershare for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
Includes broker expense of 0.05%.
Includes broker expense of 0.02%.
Includes broker expense of 0.04%.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

71

Cambria Global Tail Risk ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Net Asset Value, Beginning of Year
Income/(Loss) from Investment Operations:Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021(a)Year Ended
April 30, 2020

$19.65$21.78$23.67$23.57$24.83

Net Investment Income(b)Net Realized and Unrealized Gain (Loss) on Investments(c)Total from Operations

0.62(3.03)(2.41)

0.46(2.59)(c)(2.13)

0.71(2.60)(1.89)

0.94(0.69)(c)
0.25

1.18
(1.36)(0.18)

From Net Investment Income
From Net Realized Gains
Return of Capital
Total Distributions(0.54)—(0.13)(0.67)

—
—
—
—

—
—
—
—

—
—
(0.15)(0.15)(0.96)(0.12)—(1.08)Net Asset Value, End of Year$16.57$19.65$21.78$23.67$23.57

Distributions:

Total Return(12.41)%(9.78)%(7.98)%

1.03%(1.00)%$2,486$3,930
0.59%
0.62%(d)0.59%
0.54%(d)(e)
3.35%
2.20%
3%
62%

$4,356
0.59%
0.59%
3.18%
1%

$7,102
0.59%
0.59%
3.71%
53%

$22,388
0.59%
0.59%
4.72%
36%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expenses to Average Net Assets, Excluding Waivers
Ratio of Expenses to Average Net Assets, Including Waivers
Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(f)
(a)
(b)
(c)

(d)
(e)

(f)

Prior to March 15, 2021, the Cambria Global Tail Risk ETF was known as the Cambria Sovereign Bond ETF.
Per share data calculated using the average shares method.
Net realized and unrealized gain (loss) per share in this caption are balancing amounts necessary to reconcile the change in net asset value pershare for the period, and may not reconcile with the aggregate gain (loss) in the Statements of Operations due to share transactions for the period.
Includes broker expenses of 0.03%.
Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million,
which amounts to 0.08%.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

The accompanying notes are an integral part of these financial statements.
72www.cambriafunds.com

Cambria Emerging Shareholder Yield ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$28.61$30.22$39.13$24.97$31.38

1.39
5.83
7.22

1.77
(1.44)
0.33

1.81(8.01)(6.20)

1.27
14.04
15.31

1.30
(6.35)(5.05)

From Net Investment Income
From Net Realized Gains
Return of Capital
Total Distributions(1.75)——(1.75)(1.57)(0.37)—(1.94)(2.16)(0.55)—(2.71)(1.15)—(0.15)(1.15)(1.36)——(1.36)Net Asset Value, End of Year$34.08$28.61$30.22$39.13$24.97

Net Asset Value, Beginning of Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss) on Investments(b)Total from Operations

Distributions:

Total Return26.51%(d)1.64%(16.81)%63.04%(16.89)%$352,775
0.63%
4.60%
32%

$175,975
0.66%
6.49%
43%

$93,680
0.64%
5.14%
45%

$62,614
0.65%
4.00%
29%

$28,713
0.69%
4.38%
81%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(c)
(a)
(b)

(c)
(d)

Per share data calculated using the average shares method.
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value pershare for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.
The total return for the period includes the impact of financial statement adjustments. This return differs from the actual performance a shareholder
experienced over the period.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

73

Cambria Tail Risk ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$14.62$16.92$18.74$22.65$19.87

0.42(2.77)(2.35)

0.29(2.27)(1.98)

0.13(1.84)(1.71)

0.04(3.92)(3.88)

0.27
2.77
3.04

From Net Investment Income
Total Distributions(0.46)(0.46)(0.32)(0.32)(0.11)(0.11)(0.03)(0.03)(0.26)(0.26)Net Asset Value, End of Year$11.81$14.62$16.92$18.74$22.65

Net Asset Value, Beginning of Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss) on Investments(b)Total from Operations

Distributions:

Total Return(16.28)%(11.86)%(9.14)%-17.13%15.47%$82,098
0.59%
3.21%
13%

$224,372
0.59%
1.80%
129%

$404,422
0.59%
0.69%
60%

$281,995
0.59%
0.18%
155%

$132,488
0.59%
1.31%
19%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expenses to Average Net Assets
Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(b)
(a)
(b)

(c)

Per share data calculated using the average shares method.
Net realized and unrealized gain (loss) per share in the caption are balancing amounts necessary to reconcile the change in the net asset value pershare for the period, and may not reconcile with the aggregate gain (loss) in the Statement of Operations due to share transactions for the period.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

The accompanying notes are an integral part of these financial statements.
74www.cambriafunds.com

Cambria Trinity ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Year Ended
April 30, 2020

$24.81$26.82$27.36$21.32$24.22

0.93
0.70
1.63

0.89
(1.96)(1.07)

1.59(0.51)
1.08

0.42
6.07
6.49

0.65
(2.91)(2.26)

From Net Investment Income
From Net Realized Gains
Return of Capital
Total Distributions(0.91)—(0.03)(0.94)(0.64)(0.30)—(0.94)(1.60)(0.02)—(1.62)(0.45)——(0.45)(0.62)(0.02)—(0.64)Net Asset Value, End of Year$25.50$24.81$26.82$27.36$21.32

Net Asset Value, Beginning of Year
Income/(Loss) from Investment Operations:
Net Investment Income(a)Net Realized and Unrealized Gain (Loss) on Investments
Total from Operations

Distributions:

Total Return

6.72%(3.99)%

3.98%

30.81%(9.57)%$107,111
0.00%
3.73%
69%

$119,100
0.00%
3.54%
102%

$50,958
0.00%
5.78%
26%

$43,778
0.00%
1.77%
50%

$37,309
0.00%
2.74%
88%

Ratios and Supplemental Data
Net Assets, End of Year (in 000s)
Ratio of Expenses to Average Net Assets(b)Ratio of Net Investment Income to Average Net Assets(c)Portfolio Turnover(d)
(a)
(b)
(c)

(d)

Per share data calculated using the average shares method.
Expense ratios do not include expenses of the underlying funds.
Recognition of net investment income by the Fund is affected by the timing of declarations of dividends by the underlying investment companies inwhich the Fund invests. The ratio does not include net investment income of the underlying investment companies in which the Fund invests.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

75

Cambria Cannabis ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Net Asset Value, Beginning of Year or Period
Income/(Loss) from Investment Operations:Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Year Ended
April 30, 2021

Period Ended
April 30, 2020(a)$6.22$9.89$18.86$11.30$25.00

0.23
0.54
0.77

0.24
(3.69)(3.45)

0.25(8.87)(8.62)

0.47
7.63
8.10

0.70
(13.87)(13.17)(0.23)—(0.23)(0.22)—(0.22)(0.35)—(0.35)(0.54)—(0.54)(0.52)(0.01)(0.53)$6.76$6.22$9.89$18.86$11.30Net Investment Income(b)Net Realized and Unrealized Gain (Loss) on Investments
Total from Operations

Distributions:
From Net Investment Income
From Net Realized Gains
Total Distributions

Net Asset Value, End of Year or Period
Total Return12.97%(35.04)%(46.49)%73.84%(53.04)%(c)$11,161$11,189
0.59%
0.59%
0.35%(f)
0.42%
3.96%
3.17%
13%
23%

$19,780
0.59%
0.42%
1.80%
46%

$38,671
0.59%
0.42%
2.94%
8%

$9,038
0.59%(d)0.42%(d)6.20%(d)4%(c)

Ratios and Supplemental Data
Net Assets, End of Year or Period (in 000s)
Ratio of Expenses to Average Net Assets, Excluding Waivers
Ratio of Expenses to Average Net Assets, Including Waivers
Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(e)
(a)
(b)
(c)
(d)
(e)
(f)

Inception date July 24, 2019.
Per share data calculated using the average shares method.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.
Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million,
which amounts to 0.24%.

The accompanying notes are an integral part of these financial statements.
76www.cambriafunds.com

Cambria Global Real Estate ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Net Asset Value, Beginning of Year or Period
Income/(Loss) from Investment Operations:
Net Investment Income(b)Net Realized and Unrealized Gain (Loss) on Investments
Total from Operations

Year Ended
April 30, 2024

Year Ended
April 30, 2023

Year Ended
April 30, 2022

Period Ended
April 30, 2021(a)$24.45$29.76$31.66$25.00

1.00(0.36)
0.64

1.12(5.44)(4.32)

0.56
0.99(c)
1.55

0.56
6.51
7.07

(1.50)——(1.50)(0.99)——(0.99)(2.76)(0.49)(0.20)(3.45)(0.41)——(0.41)$23.59$24.45$29.76$31.66

Distributions:
From Net Investment Income
From Net Realized Gains
Return of Capital
Total Distributions

Net Asset Value, End of Year or Period
Total Return

2.68%-14.47%4.70%

28.40%(d)$22,411$25,671
0.59%
0.59%
0.49%(g)
0.59%
4.15%
4.29%
77%
94%

$23,809
0.59%
0.59%
3.00%
120%

$14,245
0.59%(e)0.59%(e)3.19%(e)51%(d)

Ratios and Supplemental Data
Net Assets, End of Year or Period (in 000s)
Ratio of Expenses to Average Net Assets, Excluding Waivers
Ratio of Expenses to Average Net Assets, Including Waivers
Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(f)
(a)
(b)
(c)

(d)
(e)
(f)
(g)

Inception date September 23, 2020.
Per share data calculated using the average shares method.
Realized and unrealized gains (losses) per share in this caption are balancing amounts necessary to reconcile the change in net asset value for theperiod, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
Not annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations or redemptions.
Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million,
which amounts to 0.10%.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

77

Cambria Micro and SmallCap Shareholder Yield ETFFinancial Highlights

For a Share Outstanding Throughout the Periods Presented

Period Ended
April 30, 2024(a)Net Asset Value, Beginning of Period
Income/(Loss) from Investment Operations:
Net Investment Income(b)Net Realized and Unrealized Gain (Loss) on Investments
Total from Operations$25.00
0.25
0.33
0.58

Distributions:
From Net Investment Income
Total Distributions

Net Asset Value, End of Period
Total Return(0.17)(0.17)$25.41
2.31%(c)Ratios and Supplemental Data
Net Assets, End of Period (in 000s)
Ratio of Expenses to Average Net Assets, Excluding Waivers
Ratio of Expenses to Average Net Assets, Including Waivers(f)Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(e)
(a)
(b)
(c)
(d)
(e)
(f)

$26,685
0.59%(d)0.20%(d)2.99%(d)8%(c)

Inception Date January 4, 2024.
Per share data calculated using the average shares method.
Not Annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.
Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million,
which amounts to 0.39%.

The accompanying notes are an integral part of these financial statements.
78www.cambriafunds.com

Cambria Tactical Yield ETFFinancial Highlights
For a Share Outstanding Throughout the Periods Presented

Period Ended
April 30, 2024(a)Net Asset Value, Beginning of Period
Income/(Loss) from Investment Operations:
Net Investment Income(b)Net Realized and Unrealized Gain (Loss) on Investments
Total from Operations$25.00
0.41(0.05)
0.36

Distributions:
From Net Investment Income
Total Distributions

Net Asset Value, End of Period
Total Return(0.14)(0.14)$25.22
1.45%(c)Ratios and Supplemental Data
Net Assets, End of Period (in 000s)
Ratio of Expenses to Average Net Assets, Excluding Waivers
Ratio of Expenses to Average Net Assets, Including Waivers(f)Ratio of Net Investment Income to Average Net Assets

Portfolio Turnover(e)
(a)
(b)
(c)
(d)
(e)
(f)

$13,870
0.59%(d)0.18%(d)5.03%(d)0%(c)

Inception Date January 4, 2024.
Per share data calculated using the average shares method.
Not Annualized.
Annualized.
Portfolio turnover rate does not include securities received or delivered from processing creations and redemptions.
Effective March 1, 2024, the Investment Adviser has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million,
which amounts to 0.41%.

The accompanying notes are an integral part of these financial statements.
Annual Report | April 30, 2024 

79Cambria ETF Trust

Notes to Financial Statements
April 30, 2024

1. ORGANIZATION
Cambria ETF Trust (the “Trust”), a Delaware statutory trust, was formed on September 9, 2011, as an open-end registered management investmentcompany under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust is comprised of multiple exchange traded funds(“ETFs”). These financial statements relate only to Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield ETF, Cambria Global Value ETF,
Cambria Global Momentum ETF, Cambria Global Asset Allocation ETF, Cambria Value and Momentum ETF, Cambria Global Tail Risk ETF, Cambria
Emerging Shareholder Yield ETF, Cambria Tail Risk ETF, Cambria Trinity ETF, Cambria Cannabis ETF, Cambria Global Real Estate ETF, Cambria Microand SmallCap Shareholder Yield ETF, and Cambria Tactical Yield ETF (“Shareholder Yield ETF”, “Foreign Shareholder Yield ETF”, “Global Value ETF”,“Global Momentum ETF”, “Global Asset Allocation ETF”, “Value and Momentum ETF”, “Global Tail Risk ETF”, “Emerging Shareholder Yield ETF”, “TailRisk ETF”, “Trinity ETF”, “Cannabis ETF”, “Global Real Estate ETF”, “Micro and SmallCap Shareholder Yield ETF”, and “Tactical Yield ETF”, respectively,
and, collectively, the “Funds”). Cambria Investment Management, L.P. (the “Investment Adviser”) serves as the investment adviser to the Funds. Tidal
Investments LLC (the “Sub-Adviser”), a Tidal Financial Group company, serves as the sub-adviser to the Funds. The assets of each Fund are segregated,
and a shareholder’s interest is limited to the Fund in which shares are held. Each Fund is diversified and actively managed.
The investment objective of Shareholder Yield ETF is to seek income and capital appreciation. The Shareholder Yield ETF inception date is May 13, 2013.
The investment objective of Foreign Shareholder Yield ETF is to seek income and capital appreciation. The Foreign Shareholder Yield ETF inception
date is December 2, 2013.
The investment objective of Global Value ETF is to seek income and capital appreciation. The Global Value ETF inception date is March 11, 2014.
The investment objective of Global Momentum ETF is to seek to preserve and grow capital from investments in the U.S. and foreign equity, fixedincome, commodity and currency markets, independent of market direction. The Global Momentum ETF inception date is November 3, 2014.
The investment objective of Global Asset Allocation ETF is to seek income and capital appreciation. The Global Asset Allocation ETF inception date is
December 9, 2014.
The investment objective of Value and Momentum ETF is to seek income and capital appreciation from investments in the U.S. equity market. The
Value and Momentum ETF inception date is September 8, 2015.
The investment objective of Global Tail Risk ETF is to seek income and capital appreciation. The Global Tail Risk ETF inception date is February 22, 2016.
The investment objective of Emerging Shareholder Yield ETF is to seek income and capital appreciation. The Emerging Shareholder Yield ETF inception
date is July 13, 2016.
The investment objective of Tail Risk ETF is to seek to provide income and capital appreciation from investments in the U.S. market while protecting
against significant downside risk. The Tail Risk ETF inception date is April 5, 2017.
The investment objective of Trinity ETF is to seek income and capital appreciation. The Trinity ETF inception date is September 7, 2018.
The investment objective of Cannabis ETF is to seek capital appreciation from investments in the global equity markets that have exposure to the broadcannabis industry. The Cannabis ETF inception date is July 24, 2019.
The investment objective of Global Real Estate ETF is to seek income and capital appreciation. The Global Real Estate ETF inception date is
September 23, 2020.
The investment objective of Micro and SmallCap Shareholder Yield ETF is to seek income and capital appreciation. The Micro and SmallCap Shareholder
Yield ETF inception date is January 4, 2024.
The investment objective of Tactical Yield ETF is to seek income and capital appreciation. The Tactical Yield ETF inception date is September
January 4, 2024.
Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (the “Exchange”). Market prices for the shares may be different from their
net asset value (“NAV”). The Funds will issue and redeem shares on a continuous basis at NAV only in large blocks of shares, typically 50,000 shares,
called “Creation Units.” Creation Units are to be issued and redeemed principally in kind for a basket of securities and a balancing cash amount. Shares
generally will trade in the secondary market in amounts less than a Creation Unit at market prices that change throughout the day.
80www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial AccountingStandards Board (“FASB”) Account Standards Codification Topic 946 Financial Services – Investment Companies.

2. SIGNIFICANT ACCOUNTING POLICIESThe following is a summary of the Significant Accounting Policies followed by the Funds.
Use of Estimates — The Funds are investment companies in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Therefore,
the Funds follow the accounting and reporting guidance for investment companies. The preparation of financial statements in conformity with U.S.
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during
the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.
Security Valuation — Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available(except for securities traded on the NASDAQ Stock Market ( “NASDAQ”), including securities traded over the counter, are valued at the last quoted
sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at approximately 4:00 pm Eastern Time if a security’s
primary exchange is normally open at that time), or, if there is no such reported sale, at the most recent quoted bid.
For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. Debt securities are priced based upon valuations provided byindependent, third-party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The
third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions,broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Prices for most securities held in theFunds are provided daily by recognized independent pricing agents. If a security price cannot be obtained from an independent, third-party pricing
agent, the Funds seek to obtain a bid price from at least one independent broker.
Futures are valued at the settlement price established for the business day by the board of trade on which they are traded. Settlement prices forfinancial futures are provided by an independent pricing agent.
Options are valued at the mean between the last bid and ask prices reported from the options exchange on which such options are listed. If there is
no reported sale, long options positions are valued at the most recent bid price, and short option positions are valued at the most recent ask price.
Forward foreign currency contracts and swap contracts are generally valued based on the marked-to-market value of the contract. Pricing services,
approved and monitored pursuant to a policy approved by the Funds’ Board, provide market quotations based on both market prices and indicative bids.
Securities for which market prices are not “readily available” are valued in accordance with fair value procedures established by the Board of Trustees(the “Board”). The Board has designated the Investment Adviser serve as its “Valuation Designee” and perform fair value determinations on behalfof all series of the Trust, subject to the Board’s supervision and direction. The following securities may be fair valued by the Valuation Designee: (1)securities for which market quotations are insufficient or not readily available, (2) securities for which, in the judgment of the Valuation Designee, theprices or values do not represent the fair value of the instrument, and (3) securities deemed to be illiquid. Some of the more common reasons that may
necessitate that a security be valued using fair value procedures include: the security’s trading has been halted or suspended; the security has been
de-listed from a national exchange; the security’s primary trading market is temporarily closed at a time when under normal conditions it would be
open; the security has not been traded for an extended period of time; the security’s primary pricing source is not able or willing to provide a price; ortrading of the security is subject to local government-imposed restrictions. Fair valuation is based on subjective factors and, as a result, the fair value
price of an asset may differ from the asset’s market price and may not be the current price at which the asset may be sold. Fair value estimates are
based on judgments regarding the current economic environment, financial reports, credit, collateral and other such factors.
Under Rule 2a-5 of the 1940 Act, a fair value is determined by the Valuation Designee (as defined in Rule 2a-5) in accordance with the Pricing andValuation Policy and Fair Valuation Procedures, as applicable, of the Investment Adviser, subject to oversight by the Board. In accordance with theauthoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose fair value of their investments in a hierarchy
that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the pricethat would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date(an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or
liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:•

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to accessat the measurement date;

Annual Report | April 30, 2024 

81

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024•

Level 2 – Quoted prices which are not active, or inputs that are observable (either directly or indirectly) for substantially the full term of theasset or liability; and•Level 3 – Prices, inputs or exotic modeling techniques which are both significant to the fair value measurement and unobservable (supported
by little or no market activity).

Shareholder Yield ETF
Investments in Securities
Common Stocks
Investments Purchased with Proceeds from Securities Lending
Money Market Funds
Total Investments in Securities

Level 1
$1,172,281,811
12,582,845
9,259,765$1,194,124,421

Level 2
$—
—
—
$—

Level 3
$—
—
—
$—

Total
$1,172,281,811
12,582,845
9,259,765$1,194,124,421

Foreign Shareholder Yield ETF
Investments in Securities
Common Stocks
Investments Purchased with Proceeds from Securities Lending
Money Market Funds
Total Investments in Securities

Level 1
$266,992,253
7,357,219
1,775,185$276,124,657

Level 2
$—
—
—
$—

Level 3
$—
—
—
$—

Total
$266,992,253
7,357,219
1,775,185$276,124,657

Global Value ETF
Investments in Securities
Common Stocks
Preferred Stocks
Money Market Funds
Total Investments in Securities

Level 1
$99,813,744
3,687,780
1,422,336$104,923,860

Level 2
$—
—
—
$—

Level 3(a)
$—
—
—
$—

Total
$99,813,744
3,687,780
1,422,336$104,923,860(a)A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of
the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

Global Momentum ETF
Investments in Securities
Exchange Traded Funds
Money Market Funds
Total Assets

Level 1
$135,520,045
1,316,176$136,836,221

Level 2
$——$—

Level 3
$—
—
$—

Total
$135,520,045
1,316,176$136,836,221

Global Asset Allocation ETF
Investments in Securities
Exchange Traded Funds
Investments Purchased with Proceeds from Securities Lending
Money Market Funds
Total Assets

Level 1
$53,526,002
2,337,750
103,137$55,966,889

Level 2
$—
—
—
$—

Level 3
$—
—
—
$—

Total
$53,526,002
2,337,750
103,137$55,966,889

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Notes to Financial Statements
April 30, 2024

Value and Momentum ETF
Investments in Securities
Common Stocks
Investments Purchased with Proceeds from Securities Lending
Money Market Funds
Total Assets
Other Financial Instruments(b):AssetsFutures
Total Assets
(a)

(b)

Level 1
$53,375,754
472,450
5,227,413$59,075,617

Level 2
$—
—
—
$—

Level 3(a)$93,767——$93,767

Total$53,469,521
472,450
5,227,413$59,169,384$776,038$776,038

$—
$—

$—
$—

$776,038$776,038

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of
the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.
The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of April 30, 2024.

Global Tail Risk ETF
Investments in Securities
Exchange Traded Funds
Options Purchased
Money Market Funds
Total Assets

Level 1
$2,187,379—
123,992$2,311,371

Level 2
$—
94,680—$94,680

Level 3
$—
—
—
$—

Total
$2,187,379
94,680123,992$2,406,051

Emerging Shareholder Yield ETF
Investments in Securities
Common Stocks
Money Market Funds
Total Assets

Level 1
$343,781,544
9,383,284$353,164,828

Level 2
$——$—

Level 3(a)
$5
—
$5

Total
$343,781,549
9,383,284$353,164,833(a)A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning and/or end of
the year in relation to net assets. Management has concluded that Level 3 investments are not material in relation to net assets.

Tail Risk ETF
Investments in Securities
U.S. Treasury Obligations
Options Purchased
Money Market Funds
Total Assets

Level 1
$——775,169$775,169

Level 2
$74,686,714
4,541,395—$79,228,109

Level 3
$—
—
—
$—

Total
$74,686,714
4,541,395
775,169$80,003,278

Trinity ETF
Investments in Securities
Exchange Traded Funds
Investments Purchased with Proceeds from Securities Lending
Money Market Funds
Total Assets

Level 1
$106,845,785
3,960,925
263,222$111,069,932

Level 2
$—
—
—
$—

Level 3
$—
—
—
$—

Total
$106,845,785
3,960,925
263,222$111,069,932

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Notes to Financial Statements
April 30, 2024

Cannabis ETF
Investments in Securities
Common Stocks
Money Market Funds
Total Assets

Level 1
$6,430,641
2,957,569$9,388,210

Level 2
$——$—

Level 3
$—
—
$—

Total
$6,430,641
2,957,569$9,388,210

Other Financial Instruments(a):Liabilities
Total Return Swaps
Total Liabilities

—
$—

—
$—

—
$—

—
$—

(a)

The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of April 30, 2024.

Global Real Estate ETF
Investments in Securities
Real Estate Investment Trusts
Money Market Funds
Total Assets

Level 1
$21,740,124
510,923$22,251,047

Level 2
$——$—

Level 3
$—
—
$—

Total
$21,740,124
510,923$22,251,047

Micro and SmallCap Shareholder Yield ETF
Investments in Securities
Common Stocks
Closed End Funds
Money Market Funds
Total Assets

Level 1
$24,610,346
1,681,195
373,916$26,665,457

Level 2
$—
—
—
$—

Level 3
$—
—
—
$—

Total
$24,610,346
1,681,195
373,916$26,665,457

Tactical Yield ETF
Investments in Securities
Money Market Funds
U.S. Treasury Bills
Total Assets

Level 1
$56,495—$56,495

Level 2
$—
13,800,282$13,800,282

Level 3
$—
—
$—

Total
$56,495
13,800,282$13,856,777

Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets andliabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities,
income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The
Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arisingfrom changes in the market prices of the securities. These gains and losses are included in net realized and unrealized gains and losses on investmentson the Statements of Operations. Net realized and unrealized gains and losses on foreign currency transactions represent net foreign exchange gains
or losses from foreign currency exchange contracts, disposition of foreign currencies, currency gains or losses realized between trade and settlement
dates on securities transactions and the difference between the amount of the investment income and foreign withholding taxes recorded on theFunds’ books and the U.S. dollar equivalent amounts actually received or paid. These gains and losses are included in net realized and unrealized gains
and losses on foreign currency transactions on the Statements of Operations.
The value of the Funds’ foreign holdings as measured in U.S. dollars may be affected unfavorably by changes in foreign currency exchange rates, asa change in the value of a foreign currency against the U.S. dollar generally will result in a corresponding change in the U.S. dollar value of securities
denominated in that currency held by a Fund. In addition to the risks of foreign currency exchange rates generally, trading in the currencies ofcertain countries may face periods of limited liquidity or the political risk of exchange controls or currency repatriation restrictions, which may inturn make such holdings denominated in those currencies difficult to value. The Funds may also incur losses in connection with conversions between
various currencies.

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Notes to Financial Statements
April 30, 2024

Futures Contracts — Consistent with its investment objective and strategies, Value and Momentum ETF utilized futures contracts during the year
ended April 30, 2024. The Value and Momentum ETF’s investment in futures contracts is designed to enable it to more closely approximate theperformance of its benchmark index. Value and Momentum ETF chose to invest in futures contracts for tactical hedging purposes as well as to enhance
its returns. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked to market daily andthe resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon
whether unrealized gains or losses are incurred. When the contract is closed, Value and Momentum ETF records a realized gain or loss equal to thedifference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. If a margin deposit was made uponentering into futures contracts, it is included in Deposit with Broker for futures contracts on the Statements of Assets and Liabilities.
Risks of entering into futures contracts include, 1) the possibility that there will be an imperfect price correlation between the futures and theunderlying securities; 2) the possibility that a lack of liquidity for futures contracts could exist in the secondary market, resulting in an inability toclose a position prior to its maturity date; 3) Value and Momentum ETF could lose more than the original margin deposit required to initiate a futurestransaction and; 4) losses could exceed amounts disclosed on the Statements of Assets and Liabilities.
Options Written/Purchased — The Value and Momentum ETF, Global Tail Risk ETF, Tail Risk ETF may invest in equity options contracts for the purposeof hedging their existing portfolio securities, or securities that they intend to purchase, against fluctuations in fair market value caused by changes inprevailing market interest rates. The Value and Momentum ETF may use options to hedge up to 100% of the value of its long portfolio in an attempt
to avoid overvalued and downtrending markets. The Global Tail Risk ETF utilizes a put option strategy to manage the risk of a significant negative
movement in the value of global ex-U.S. equities on a month-by-month basis. A Fund may also invest in equity option contracts to enhance its returns.
The Tail Risk ETF utilizes a put option strategy to manage the risk of a significant negative movement in the value of domestic equities over rolling
one-month periods. When a Fund writes or purchases an option, an amount equal to the premium received or paid by a Fund is recorded as a liabilityor an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writingor purchasing options which expire unexercised are treated by a Fund on the expiration date as realized gains or losses. The difference between
the premium and the amount paid or received on affecting a closing purchase or sale transaction, including brokerage commissions, is also treatedas a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale indetermining whether the Fund has realized a gain or a loss. The risk in writing a call option is a Fund may give up the opportunity for profit if the market
price of the security increases. The risk in writing a put option is a Fund may incur a loss if the market price of the security decreases and the option is
exercised. There is risk that a Fund may pay a premium whether or not the option is exercised. A Fund also has the additional risk of being unable toenter into a closing transaction at an acceptable price if a liquid secondary market does not exist. Option contracts also involve the risk that they may
not work as intended due to unanticipated developments in market conditions or other causes. Finally, the risk exists that losses on written options
could exceed amounts disclosed on the Statements of Assets and Liabilities.
Swaps Contracts — Swap contracts are agreements among the Fund and a counterparty to exchange the return of the pre-determined underlying
investment (such as the rate of return of an underlying index). Swap agreements may be negotiated bilaterally and traded over the counter (“OTC”)
between two parties or, for certain standardized swaps, must be exchange-traded through a futures commission merchant and/or cleared througha clearinghouse that serves as a central counterparty. Risks associated with the use of swap agreements are different from those associated withordinary portfolio securities transactions, due in part to the fact they could be considered illiquid and many swaps trade on the OTC market. Swaps
are particularly subject to counterparty credit, correlation, valuation, liquidity and leveraging risks. While exchange trading and central clearing areintended to reduce counterparty credit risk and increase liquidity, they do not make swap transactions risk-free. Additionally, applicable regulators haveadopted rules imposing certain margin requirements, including minimums, on OTC swaps, which may result in the Fund and its counterparties postinghigher margin amounts for OTC swaps, which could increase the cost of swap transactions to the Fund and impose added operational complexity.
Depending on their structure, swap agreements may increase or decrease the Fund’s exposure to long- or short-term interest rates (in the United States
or abroad), commodities, and foreign currencies, and may increase or decrease the overall volatility of the Fund’s investments and its share price.

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Notes to Financial Statements
April 30, 2024

The fair value of derivative instruments as of April 30, 2024:

Risk Exposure
Cambria Value and Momentum ETF
Equity Risk (Futures Contracts)
Total

Asset Derivatives
Statements of Assets andLiabilities Location
Unrealized appreciation
on futures contracts

Fair
Value

Liabilities Derivatives
Statements of Assets andFairLiabilities Location
Value$776,038*$776,038

Unrealized depreciation
on futures contracts

N/A

Cambria Global Tail Risk ETF
Equity Contracts (Purchased Options)
Total

Investments, at value$94,680$94,680

Investments, at value

N/A

Cambria Tail Risk ETF
Equity Contracts (Purchased Options)
Total

Investments, at value$4,541,395$4,541,395

Investments, at value

N/A

Cambria Cannabis ETF
Equity Contracts (Total Return Swaps)
Total*

Unrealized appreciation
on swaps

Unrealized depreciation
on swaps

N/A

N/A
N/A

Includes cumulative appreciation/depreciation on futures contracts and swaps as reported on the Schedules of Investments. Only current day’s
variation margin for futures contracts are reported within the Statements of Assets and Liabilities.

The effect of derivative instruments on the Statements of Operations for the year ended April 30, 2024:

Risk Exposure
Cambria Value and Momentum ETF

Equity Risk (Futures Contracts)
Total

Statement of Operations Location
Net Realized Gain (Loss) on Futures
Contracts/Net change in Unrealized
Appreciation (Depreciation) on
Futures Contracts

Realized Gain/(Loss) on
Derivatives
Recognizedin IncomeChange in Unrealized
Appreciation/(Depreciation) on
Derivatives Recognizedin Income$(7,712,988)$(7,712,988)$1,997,081$1,997,081$(605,046)$(605,046)$205,734$205,734

Cambria Global Tail Risk ETF

Equity Contracts (Purchased Options)*
Total

Net Realized Gain (Loss) on Investmentsof Securities of Unaffiliated Issuers/
Net Change in Unrealized Appreciation(Depreciation) on Investments ofSecurities of Unaffiliated Issuers

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Notes to Financial Statements
April 30, 2024

Risk Exposure
Cambria Tail Risk ETF

Equity Contracts (Purchased Options)*
Total

Statement of Operations Location
Net Realized Gain (Loss) on Investmentsof Securities of Unaffiliated Issuers/
Net Change in Unrealized Appreciation(Depreciation) on Investments ofSecurities of Unaffiliated Issuers

Realized Gain/(Loss) on
Derivatives
Recognizedin IncomeChange in Unrealized
Appreciation/(Depreciation) on
Derivatives Recognizedin Income$(24,068,932)$(24,068,932)$8,046,610$8,046,610$596,938$596,938

$0**
$0**

Cambria Cannabis ETF

Equity Risk (Swap Contracts)
Total
*
**

Net Realized Gain (Loss) on
Swaps/Swaps Contracts
Net Change in Unrealized Appreciation(Depreciation) on Swap Contracts

Purchased options are included within net realized gain (loss) on investments and net change in unrealized appreciation (depreciation)
on investments.
Does not round to $1

The monthly average notional value of the short equity futures contracts during the year ended April 30, 2024, for the Value and Momentum ETF was($31,479,179). The average notional amount of purchased option contracts during the year ended April 30, 2024, for Global Tail Risk ETF and Tail Risk
ETF was $9,511,129 and $404,708,760, respectively. The average monthly notional value of long and short swap contracts during the year ended April
30, 2024, for Cambria Cannabis ETF was $15,646 and $67,484, respectively.
Federal Income Taxes — The Funds intend to qualify as “regulated investment companies” under Sub-chapter M of the Internal Revenue Code of 1986
(the “Code”), as amended. If so qualified, the Funds will not be subject to U.S. federal income tax to the extent they distribute substantially all of their
net investment income and net capital gains to their shareholders.
The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likelythan-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical meritsof the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current period.
The Funds did not record any tax provisions in the current year. However, management’s conclusions regarding tax positions may be subject to review
and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, asapplicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.
As of the year/period ended April 30, 2024, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest andpenalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the period, the Funds did notincur any interest or penalties.
Expenses — All organizational and offering expenses of the Trust were borne by the Investment Adviser and are not subject to future recoupment. As aresult, organizational and offering expenses are not reflected in the financial statements. Expenses included in the accompanying financial statements
reflect the expenses of each Fund and do not include any expenses associated with the underlying funds.
Security Transactions and Investment Income — Security transactions are accounted for on trade date. Dividend income received from the underlying
funds is recognized on the ex-dividend date and is recorded as dividend income in the Statements of Operations. Capital gain distributions received
from the underlying funds are recognized on ex-dividend date and are recorded on the Statements of Operations as such. Costs used in determining
realized gains and losses on the sales of investment securities are on the basis of specific identification. Dividend income is recorded on the exdividend date. Dividend income is recorded net of unrecoverable withholding tax. Interest income is recognized on the accrual basis. Amortization andaccretion is calculated using the scientific interest method, which approximates the effective interest method over the holding period of the security.
Amortization of premiums and discounts is included in interest income. Withholding taxes on foreign dividends and foreign capital gains tax havebeen provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and regulations. Capital gain taxes on securities
in certain foreign countries are accrued on unrealized appreciation and are due when realized.
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Notes to Financial Statements
April 30, 2024

Foreign Taxes — The Funds may be subject to foreign taxes related to foreign income received (a portion of which may be reclaimable), capital gains
on the sale of securities, and certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable regulations andrates that exist in the foreign jurisdictions in which the Funds invest.
Dividends and Distributions to Shareholders — The Funds generally pay out dividends from their net investment income, if any, quarterly, anddistribute their net capital gains, if any, to shareholders at least annually. All distributions are recorded on ex-dividend date.
Creation Units — The Funds issue and redeem shares on a continuous basis at NAV in groups of 50,000 shares called creation units (“Creation Units”).
Purchasers of Creation Units (“Authorized Participants”) must pay a creation transaction fee per transaction. The fee is typically a single charge andwill be the same regardless of the number of Creation Units purchased by an investor on the same day. An Authorized Participant who holds Creation
Units and wishes to redeem at NAV would also pay a Redemption Fee per transaction to the custodian on the date of such redemption, regardless ofthe number of Creation Units redeemed that day.
ALPS Distributors Inc. (the “Distributor”), the Funds’ Distributor, has entered into participant agreements with certain broker-dealers and others thatallow those parties to be Authorized Participants and to subscribe for and redeem shares of the Funds. Such Authorized Participants may from time
to time hold, of record or beneficially, a substantial percentage of the Funds’ shares outstanding, act as executing or clearing broker for investment
transactions on behalf of the Fund and/or serve as counterparty to derivative transactions with the Funds.
Except when aggregated in Creation Units, shares are not redeemable securities of a Fund. Shares of the Funds may only be purchased or redeemedby Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous
Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a participant
agreement with the distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation
Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares inthe secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.
If a Creation Unit is purchased or redeemed for cash, a higher transaction fee will be charged. The following table discloses Creation Unit breakdown
for the year/period ended April 30, 2024:

Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Value ETF
Cambria Global Momentum ETF
Cambria Global Asset Allocation ETF
Cambria Value and Momentum ETF
Cambria Global Tail Risk ETF
Cambria Emerging Shareholder Yield ETF
Cambria Tail Risk ETF
Cambria Trinity ETF
Cambria Cannabis ETF
Cambria Global Real Estate ETF
Cambria Micro and SmallCap Shareholder Yield ETF
Cambria Tactical Yield ETF

Creation Unit Shares
50,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00050,00025,00050,000Creation Fee
Value
Redemption Fee$700 $3,447,000 $700
2,500
1,339,500
2,500
3,500
1,081,000
3,500
500
1,410,000
500
500
1,411,500
500
700
1,436,000
700
500
828,500500
3,500
1,704,000
3,500
500
590,500
500
300
1,275,000
300
500
338,000500
1,500
1,179,500
1,500
300
635,250300
300
1,261,000
300

Variable Charge
None
Up to 2.0%
Up to 2.0%
Up to 2.0%
None
None
Up to 2.0%
Up to 2.0%
None
None
Up to 2.0%
Up to 2.0%
Up to 2.0%
Up to 2.0%

To the extent the Funds permit the contribution of securities in exchange for the purchase of shares (contribution in-kind), shares may be issued inadvance of receipt by the Funds of all or a portion of the applicable Deposit Securities. In these circumstances, the Funds may require the Authorized
Participant to maintain with the Trust an amount up to 115% and/or 125% of the daily mark-to-market value of the missing Deposit Securities.
Amounts are disclosed as segregated cash balances with Authorized Participants for Deposit Securities and payable for collateral upon return of
Deposit Securities on the Statements of Assets and Liabilities.
Illiquid Securities — A security is considered illiquid if a Fund reasonably expects that the investment cannot be sold or disposed of in current market
conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Valuations of illiquid
securities may differ significantly from the values that would have been used had an active market value for these securities existed.

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Notes to Financial Statements
April 30, 2024

Cash and cash equivalents — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash and cash
equivalents on the Statements of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept
are available on the next business day.

3. OFFSETTING ASSETS AND LIABILITIESThe Funds are required to disclose the impact of offsetting assets and liabilities represented in the Statements of Assets and Liabilities to enable
users of the financial statements to evaluate the effect, or potential effect, of netting arrangements on the Funds for recognized assets and liabilities.
These recognized assets and liabilities are financial instruments and derivative instruments that are either subject to an enforceable master netting
arrangement, or similar agreement, or meet the following criteria to offset assets and liabilities: 1) the amounts owed by a Fund to another party are
determinable; 2) a Fund has the right to offset the amounts owed with the amounts owed by the other party; 3) a Fund intends to offset assets andliabilities, which can be enforced by law.
As of April 30, 2024, the Funds’ financial instruments and derivative instruments are not subject to a master netting arrangement. See Note 10 for
offsetting related to securities lending.

4. RELATED PARTIES
Investment Advisory Agreement — The Investment Adviser is responsible for overseeing the management and business affairs of the Funds andhas discretion to purchase and sell securities in accordance with the Funds’ objectives, policies, and restrictions. The Investment Adviser reviews,
supervises, and administers each Fund’s investment program. The Investment Adviser has entered into an investment advisory agreement (“Advisory
Agreement”) with respect to the Funds. Pursuant to the Advisory Agreement, the Funds pay the Investment Adviser, on a monthly basis, an annual
advisory fee based on their average daily nets assets for the services and facilities it provides payable at an annual rate of 0.59%, excluding the Global
Asset Allocation ETF and Trinity ETF, neither of which is charged an advisory fee.
With respect to each Fund, except the Global Value ETF and Emerging Shareholder Yield ETF, the Investment Adviser bears all of the costs of the Funds,
except for the advisory fee, payments under each Fund’s 12b-1 plan, brokerage expenses, acquired fund fees and expenses, taxes, interest (including
borrowing costs and dividend expenses on securities sold short), litigation expenses and other extraordinary expenses. With respect to the Global ValueETF and Emerging Shareholder Yield ETF, the Investment Adviser bears all of the costs of each Fund, except for the advisory fee, payments under the Fund’s
12b-1 plan, brokerage expenses, custodial expenses, acquired fund fees and expenses, taxes, interest (including borrowing costs and dividend expenses
on securities sold short), litigation expenses and other extraordinary expenses. The Global Value ETF and Emerging Shareholder Yield ETF may pay up
to 0.10% of each Funds average daily net assets in custody fees. The Advisory Agreement for the Funds provides that it may be terminated at any time,
without the payment of any penalty, by the Board or, with respect to the Funds, by a majority of the outstanding shares of the Funds, on 60 days’ written
notice to the Investment Adviser, and by the Investment Adviser on 60 days’ written notice to the Trust and that it shall be automatically terminated if it
is assigned.
Cannabis ETF has contractually agreed to waive 0.17% of its advisory fee, on an annualized basis, through at least August 31, 2024, unless otherwise
terminated by the Board. The waived fees are not eligible for recapture by the Investment Adviser. Effective March 1, 2024, the Investment Adviser
has agreed to a voluntarily waiver of the advisory fees on Funds with net assets under $50 million. During the year/period ended April 30, 2024, theInvestment Adviser voluntarily waived the following:
Global Tail Risk ETF
Cannabis ETF
Global Real Estate ETF
Micro and SmallCap ETF
Tactical Yield ETF

Fees Waived$2,503
24,162
22,52726,30011,189These voluntary waivers are in addition to the Cannabis ETF’s contractual fee waiver/expense limitation agreement discussed above and may bediscontinued at any time. The fees waived are not eligible for recapture by the Investment Adviser. Additionally, the Investment Adviser earned$259,079 in management fees from the Global Momentum ETF related to the Fund’s investment in affiliated funds.
The Sub-Adviser serves as sub-adviser to the Funds, pursuant to a sub-advisory agreement between the Adviser and the Sub-Adviser with respect to
the Funds (the “Sub-Advisory Agreement”). Pursuant to the Sub-Advisory Agreement, the Sub-Adviser is responsible for the day-to-day managementof the Funds’ portfolio, including determining the securities purchased and sold by the Funds, subject to the supervision of the Adviser and the Board.
The Sub-Adviser is paid a fee of 0.03% on the first $2 billion of the Funds aggregate average daily net assets and 0.025% of average daily net assets

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89

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024

over $2 billion by the Adviser, which is calculated and paid monthly. The Sub-Adviser has agreed to assume the Adviser’s obligation to pay all expenses
incurred by the Fund, except for Excluded Expenses. For assuming the payment obligation, the Adviser has agreed to pay to the Sub-Adviser the
profits, if any, generated by the Funds’ Management Fee. Expenses incurred by the Funds and paid by the Sub-Adviser include fees charged by Tidal,
as defined below.
Administrator, Custodian and Transfer Agent — Tidal ETF Services LLC ( “Tidal”) serves as the Funds’ Administrator and, in that capacity, performs
various administrative and management services for the Funds, and prepares reports and materials to be supplied to the Board. Prior to September 5,
2023, ALPS Fund Services served as the Funds’ administrator, and Brown Brothers Harriman & Co. (“BBH”) was the Funds’ transfer agent.
U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as the Funds’ sub-administrator, fundaccountant and transfer agent. In those capacities, Fund Services performs various administrative and accounting services for the Funds. Fund Services
prepares various federal and state regulatory filings and reports for the Funds, including regulatory compliance monitoring and financial reporting; andmonitors the activities of the Funds’ custodian. Effective September 5, 2023, U.S. Bank N.A. (the “Custodian”), an affiliate of Fund Services, served as
the Funds’ custodian. The Custodian acts as the securities lending agent (the “Securities Lending Agent”) for the Funds, as applicable. BBH also serves
as a custodian for certain securities pursuant to a custodian agreement.
Distribution Agreement — The Distributor serves as the Funds’ distributor of Creation Units pursuant to a distribution agreement. The Distributor
does not maintain any secondary market in Fund shares.
The Trust has adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Funds areauthorized to pay an amount up to 0.25% of their average daily net assets each year for certain distribution-related activities. However, no such fee iscurrently paid by the Funds, and the Board has not currently approved the commencement of any payments under the Plan.
Certain officers and trustees of the Trust are affiliated with the Investment Adviser, Sub-Adviser and Administrator.

5. INVESTMENT TRANSACTIONS
For the year/period ended April 30, 2024, the purchases and sales of investments in securities, excluding in-kind transactions, long-term U.S.
Government and short-term securities, were:

Fund
Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Value ETF
Cambria Global Momentum ETF
Cambria Global Asset Allocation ETF
Cambria Value and Momentum ETF
Cambria Global Tail Risk ETF
Cambria Emerging Shareholder Yield ETF
Cambria Tail Risk ETF
Cambria Trinity ETF
Cambria Cannabis ETF
Cambria Global Real Estate ETF
Cambria Micro and SmallCap Shareholder Yield ETF
Cambria Tactical Yield ETF

Purchases of
Securities$455,663,155
106,507,864
41,863,192
252,014,915
7,610,878
34,845,494
91,255
160,681,636
17,280,770
81,330,277
1,137,189
17,610,278
2,455,033—

Proceeds from
Sales of Securities$456,622,445
97,636,901
43,284,688
252,031,812
6,499,914
40,863,860
214,684
73,615,327
82,734,318
78,804,020
3,785,566
18,239,815
1,910,631—

For the year ended April 30, 2024, the Tail Risk ETF had purchases and sales of U.S. Government securities of $18,299,385 and $134,183,993, respectively.
During the period ended April 30, 2024, the Funds realized net capital gains (losses) resulting from redemptions in kind in which Authorized Participants
exchange Fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the Funds, and gains are not distributed
to shareholders, they have been reclassified from accumulated gains to paid in capital.

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Notes to Financial Statements
April 30, 2024

For the year or period ended April 30, 2024, in-kind transactions associated with creations and redemptions were:
Fund
Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Value ETF
Cambria Global Momentum ETF
Cambria Global Asset Allocation ETF
Cambria Value and Momentum ETF
Cambria Global Tail Risk ETF
Cambria Emerging Shareholder Yield ETF
Cambria Tail Risk ETF
Cambria Trinity ETF
Cambria Cannabis ETF
Cambria Global Real Estate ETF
Cambria Micro and SmallCap Shareholder Yield ETF
Cambria Tactical Yield ETF

Purchases of
Securities$745,844,403
132,681,828
16,028,476
5,396,867
6,761,161
36,435,903—
37,987,944—
2,295,105—
1,163,881
25,239,164—

Proceeds from
Sales of Securities$438,666,989
73,632,152
45,405,840
46,587,861
6,669,791
49,643,265
725,812—574,770
17,510,617
778,223
3,596,627——

Net Realized
Gain/(Loss)$152,900,193
13,598,182
8,636,204
1,969,932
646,567
13,570,363(4,417)—
13,5191,087,950(474,849)
209,456——

6. PRINCIPAL RISKS
As with all ETFs, shareholders of the Funds are subject to the risk that their investments could lose money, including the possible loss of the entire
principal amount of an investment, over short or long periods of time. An investment is not a bank deposit and it is not insured or guaranteed by theFederal Deposit Insurance Corporation or any other government agency. The Funds are subject to the principal risks set forth in their prospectuses
under the heading ‘‘Principal Risks.’’ Some of these risks, any of which may adversely affect a Fund’s NAV, trading price, yield, total return, or ability tomeet its investment objective, are set forth below.
Cannabis Industry Risk. Cannabis Companies are subject to various laws and regulations that may differ at the local and federal level. These laws
and regulations may significantly affect a Cannabis Company’s ability to secure financing, impact the market for cannabis industry sales and services,and set limitations on marijuana use, production, transportation, and storage. Cannabis Companies may also be required to secure permits andauthorizations from government agencies to cultivate or research marijuana. In addition, Cannabis Companies are subject to the risks associated withthe agricultural, biotechnology, and pharmaceutical industries. The Cannabis ETF invests in publicly-traded Cannabis Companies primarily listed andtraded on a national securities exchange that operates in a jurisdiction where the Cannabis Companies’ cannabis-related business activities are legal
under the national and local laws of the relevant jurisdiction, including U.S. federal and state laws.
Cash Redemption Risk. A Fund’s investment strategy may require it to effect redemptions, in whole or in part, for cash. As a result, a Fund may
be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. This may cause a Fund to recognize
investment income and/or capital gains or losses that it might not have recognized if it had completely satisfied the redemption in-kind. As a result,
such Fund may be less tax efficient if it includes such a cash payment than if the in-kind redemption process was used exclusively (i.e., securities are
distributed as payment of redemption proceeds). In addition, cash redemptions may incur higher brokerage costs than in-kind redemptions and theseadded costs may be borne by the Fund and negatively impact Fund performance.
Commodity Investing Risk. Investing in commodity-related companies may subject a Fund to greater volatility than investments in traditional securities.
The commodities markets have experienced periods of extreme volatility. Similar future market conditions may result in rapid and substantial valuation
increases or decreases in the Funds’ holdings.
Corporate Bond Risk. Corporate bonds respond to economic developments, especially changes in interest rates, as well as perceptions of thecreditworthiness and business prospects of individual issuers
Currency Strategies Risk. Currency exchange rates may fluctuate significantly over short periods of time and can be unpredictably affected by politicaldevelopments or government intervention. Changes in currency exchange rates may affect the U.S. dollar value of the Funds’ investments.

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Notes to Financial Statements
April 30, 2024

Cyber Security Risk. Each Fund, and its service providers, may be susceptible to operational and information security risks resulting from a breachin cyber security, including cyber-attacks. A breach in cyber security, intentional or unintentional, may adversely impact the Funds in many ways,
including, but not limited to, disruption of the Funds’ operational capacity, loss of proprietary information, theft or corruption of data maintained
online or digitally, denial-of-service attacks on websites or network resources, and the unauthorized release of confidential information. Cyber-attacks
affecting the Funds’ third-party service providers, including the Investment Adviser, the Custodian, and the transfer agent, may subject the Funds tomany of the same risks associated with direct cyber security breaches and adversely impact the Funds. For instance, cyber-attacks may impact theFunds’ ability to calculate its NAV, cause the release of confidential business information, impede trading, cause a Fund to incur additional compliancecosts associated with corrective measures, subject a Fund to regulatory fines or other financial losses, and/or cause reputational damage to the Funds.
Cyber security breaches of market makers, Authorized Participants, or the issuers of securities in which the Funds invest could also have material
adverse consequences on the Funds’ business operations and cause financial losses for the Funds and its shareholders. While the Funds and its service
providers have established business continuity plans and risk management systems designed to address cyber security risks, prevent cyber-attacks andmitigate the impact of cyber security breaches, there are inherent limitations on such plans and systems. In addition, the Funds have no control overthe cyber security protections put in place by its service providers or any other third parties whose operations may affect the Funds or its shareholders.
Depositary Receipts Risk. The risks of investments in depositary receipts are substantially similar to the risks of investing directly in foreign securities.
In addition, depositary receipts may not track the price of or may be less liquid than their underlying foreign securities, and the value of depositary
receipts may change materially at times when the U.S. markets are not open for trading.
Derivatives Risk. Derivatives are financial instruments that have a value which depend upon, or is derived from, a reference asset, such as one ormore underlying securities, pools of securities, indexes, rates or currencies. Derivatives may result in investment exposures that are greater thantheir cost would suggest; in other words, a small investment in a derivative may have a large impact on fund performance. The successful use ofderivatives generally depends on the ability to predict market movements. The use of these instruments requires special skills and knowledge ofinvestment techniques that are different than those normally required for purchasing and selling securities. If the Investment Adviser uses a derivative
instrument at the wrong time or judges market conditions incorrectly, or if the derivative instrument does not perform as expected, these strategies
may significantly reduce a fund’s return. A fund could also experience losses if it is unable to close out a position because the market for an instrument
or position is or becomes illiquid.
Dividend Paying Security Risk. Securities that pay high dividends as a group can fall out of favor with the market, causing these companies tounderperform companies that do not pay high dividends. Also, changes in the dividend policies of companies owned by the Funds and the capital
resources available for these companies’ dividend payments may adversely affect the Funds.
Emerging Markets Risk. Investments in securities and instruments traded in developing or emerging markets, or that provide exposure to thesesecurities or markets, can involve additional risks relating to political, economic, or regulatory conditions not associated with investments in U.S.
securities and instruments or investments in more developed international markets. For example, emerging markets may be subject to, among otherrisks, greater market volatility; lower trading volume and liquidity; greater social, political and economic uncertainty; governmental controls on foreign
investments and limitations on repatriation of invested capital; lower disclosure, corporate governance, auditing and financial reporting standards;
fewer protections of property rights; restrictions on the transfer of securities or currency; and settlement and trading practices that differ from
U.S. markets and markets of more developed countries. Each of these factors may impact the ability of the Funds to buy, sell or otherwise transfer
securities, adversely affect the trading market and price for Fund shares and cause the Funds to decline in value.
Equity Investing Risk. The values of equity securities could decline generally or could underperform other investments. In addition, securities may
decline in value due to factors affecting a specific issuer, market or securities markets generally.
Exchange-Traded Funds and Exchange-Traded Products (“ETP”) and Investment Companies Risk. The risks of investing in securities of ETFs, ETPs
and investment companies typically reflect the risks of the types of instruments in which the underlying ETF, ETP or investment company invests. In
addition, with such investments, the Funds bear their proportionate share of the fees and expenses of the underlying entity. As a result, the Funds’
operating expenses may be higher and performance may be lower.
Fixed Income Risk. A decline in an issuer’s credit rating may cause a decrease in the value of its fixed income securities and an increase in theirinvestment risk and volatility. During periods of falling interest rates, an issuer of a callable bond held by the Funds may “call” (or repay) the security
before its stated maturity, and the Funds may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Funds’ income. The
market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, the value of certain fixedincome securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase.

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Notes to Financial Statements
April 30, 2024

Foreign Investment Risk. Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S.
securities. Investments in or exposures to foreign securities by the Funds are subject to special risks, including risks associated with foreign securities
generally, including differences in information available about issuers of securities and investor protection standards applicable in other jurisdictions;capital controls risks, including the risk of a foreign jurisdiction imposing restrictions on the ability to repatriate or transfer currency or other assets;
currency risks; political, diplomatic and economic risks; regulatory risks; and foreign market and trading risks, including the costs of trading and risksof settlement in foreign jurisdictions.
Futures Contracts Risk. Risks associated with the use of futures contracts include the following: (i) an imperfect correlation between movements inprices of index futures contracts and movements in the value of the stock index that the instrument is designed to simulate; and (ii) the possibility ofan illiquid secondary market for a futures contract and the resulting inability to close a position prior to its maturity date. Investments in futures may
expose the Fund to leverage.
Geographic Investment Risk. To the extent the Funds invest a significant portion of assets in the securities of companies of a single country or region,
it is more likely to be impacted by events or conditions affecting that country or region.
Hedging Risk. Options used by the Funds to offset its exposure to tail risk or reduce volatility may not perform as intended. There can be no assurance
that the Funds’ put option strategy will be effective. It may expose the Funds to losses, e.g., option premiums, to which it would not have otherwise
been exposed if it only invested, directly or indirectly, in U.S. government bonds and ex-U.S. sovereign bonds. Further, the put option strategy may not
fully protect the Funds against declines in the value of their portfolio securities.
High Yield Securities Risk. High yield securities and unrated securities of comparable credit quality are subject to the increased risk of an issuer’s
inability to meet principal and interest payment obligations. High yield securities are subject to a greater risk of default and investments in them are
inherently speculative. The secondary markets in which high yield securities are traded may be less liquid and more volatile than the market for higher
grade securities.
Inflation-Protected Security Risk. Inflation-protected securities, such as Treasury inflation-protected securities (TIPS), provide protection against
inflation. Inflation-protected securities typically decrease in value when real interest rates rise and increase in value when real interest rates fall.
Interest Rate Risk. The market value of fixed income securities generally changes in response to changes in interest rates. As interest rates rise, thevalue of certain fixed income securities is likely to decrease. Similarly, if interest rates decline, the value of fixed income securities is likely to increase.
Interest rate risk is generally lower for shorter-term investments and higher for longer-term investments.
International Closed-Market Trading Risk. Because the Funds’ investments may be traded in markets that are closed when the Exchange is open, there
are likely to be deviations between the current pricing of an underlying investment and stale investment pricing (i.e., the last quote from its closed
foreign market), resulting in premiums or discounts to NAV that may be greater than those experienced by other ETFs.
Investment Risk. An investment in the Funds is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporationor any other government agency. When you sell your Shares, they could be worth less than what you paid for them.
Large Capitalization Company Risk — The Funds’ investments in large capitalization companies may underperform other segments of the market
because they may be less responsive to competitive challenges and opportunities and unable to attain high growth rates during periods of
economic expansion.
Liquidity Risk. The Funds may purchase options and fixed income securities that may be less liquid than other types of investments. The options
and fixed income securities purchased by the Funds may not always be liquid. This could have a negative effect on the Funds’ ability to achieve its
investment objective and may result in losses to the Funds’ shareholders.
Management Risk. The Funds are all actively managed and use proprietary investment strategies and processes. There can be no guarantee that thesestrategies and processes will produce the intended results and no guarantee that the Funds will achieve their investment objective. This could resultin the Funds’ underperformance compared to other funds with similar investment objectives.
Market Events Risk. Turbulence in the financial markets, reduced liquidity in the equity markets, and/or the advent of certain economic or politicalevents, including global events such as war, acts of terrorism or a public health crisis, may negatively affect issuers, which could have an adverse effecton certain Fund holdings. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve and/or other government actors,
such as increasing interest rates, could cause increased volatility in financial markets and higher levels of Fund redemptions, which could have anegative impact on certain Fund holdings.

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Notes to Financial Statements
April 30, 2024

Micro Capitalization Company Risk. Micro capitalization companies are more vulnerable to adverse economic events and poor business conditions
than larger, more established companies. The earnings and revenue of micro capitalization companies tend to be less predictable, and their securities
are generally less liquid and subject to greater and more unpredictable price change
Momentum Investing Risk. A Fund employs a “momentum” style of investing that emphasizes investing in securities that have had higher recent priceperformance compared to other securities. This style of investing is subject to the risk that these securities may be more volatile than a broad crosssection of securities or that the returns on securities that have previously exhibited price momentum are less than returns on other styles of investingor the overall stock market. High momentum may also be a sign that the securities’ prices have peaked. Momentum can turn quickly and causesignificant variation from other types of investments. The Fund may experience significant losses if momentum stops, turns or otherwise behavesdifferently than predicted.
Mortgage-Backed Securities Risk. Movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain
types of MBS. In addition, MBS generally can be prepaid at any time, and prepayments that occur either more quickly (prepayment risk) or more slowly(extension risk) than expected can adversely impact the value of such securities. MBS may be negatively affected by the quality of the underlying
mortgages, the credit quality of its issuer or guarantor, and the nature and structure of its credit support. MBS not backed by the full faith and creditof the U.S. government are subject to the risk of default on the underlying mortgage, particularly during periods of economic downturn.
Options Risk. Options are subject to correlation risk because there may be an imperfect correlation between the prices of options and movements inthe price of the underlying securities. Options may expire unexercised, causing the Funds to lose the premium paid for them. The success of the Funds’
investment in options depends upon many factors, such as the price of the options which is a function of various factors that may change rapidly
over time. If a counterparty defaults, the Funds’ only recourse will be to pursue contractual remedies against the counterparty, and the Funds may
be unsuccessful in its pursuit. The Funds thus assume the risk that it may be delayed in or prevented from obtaining payments owed to it pursuant toan over-the-counter options transaction.
Portfolio Turnover Risk. Because the Tail Risk ETF and Global Tail Risk ETF “turn over” their put options every month, they will incur high levels oftransaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover may result in the Funds paying higher levels oftransaction costs and generating greater tax liabilities for shareholders. Portfolio turnover risk may cause the Funds’ performance to be less than you
expect. While the turnover of the put options is not deemed “portfolio turnover” for accounting purposes, the economic impact to the Tail Risk ETF
and Global Tail Risk ETF is similar to what could occur if the Funds experienced high portfolio turnover (e.g., in excess of 100% per year). Other Funds’
strategies may also result in high portfolio turnover rates.
Premium-Discount Risk. The shares may trade above or below their NAV. The NAV of the Funds will generally fluctuate with changes in the market
value of the Funds’ holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in NAV as well as the relative
supply of, and demand for, shares on the Exchange. The trading price of shares may deviate significantly from NAV during periods of market volatility.
The Investment Adviser and Sub-Adviser cannot predict whether shares will trade below, at or above their NAV. Price differences may be due, in largepart, to the fact that supply and demand forces at work in the secondary trading market for shares will be closely related to, but not identical to, thesame forces influencing the prices of the securities held by the Funds. However, given that shares can be purchased and redeemed in large blocks ofshares, called Creation Units (unlike shares of closed-end funds, which frequently trade at appreciable discounts from, and sometimes at premiums
to, their NAV), and the Funds’ portfolio holdings are fully disclosed on a daily basis, the Investment Adviser believes that large discounts or premiums
to the NAV of shares should not be sustained, but that may not be the case.
Quantitative Security Selection Risk. The Investment Adviser uses quantitative techniques to generate investment decisions and select stocks, and theFunds may not perform as intended if it relies on erroneous or outdated data from one or more third parties. Errors in data used in the quantitativemodel may occur from time to time and may not be identified and/or corrected before having an adverse impact on a Fund and its shareholders.
Real Estate Investments Risk. The Global Real Estate ETF’s investments are concentrated in real estate-related industries, and it may be susceptible toloss due to adverse occurrences affecting these industries. Investments in real estate are subject to certain risks, including declines in the real estatemarket, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes,
a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters. The availability of mortgages and changes
in interest rates may also affect real estate values.
Real Estate Investment Trust “REIT” Risk. In addition to the risks associated with the direct ownership of real estate and real estate-related securities,
REITs are subject to additional risks, including those related to adverse governmental actions, and the performance of a REIT may be affected by
its failure to qualify for tax-free pass through of income or its failure to maintain exemption from registration as an investment company. REITs are
dependent upon specialized management skills and may invest in relatively few properties, a small geographic area or a small number of property

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Notes to Financial Statements
April 30, 2024

types. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders and may be subject to defaults
by borrowers and to self-liquidations. As a result, investments in REITs may be volatile. REITs also have their own fees and expenses, and the Funds will
indirectly bear a proportionate share of those fees and expenses.
Secondary Market Trading Risk. Investors buying or selling shares in the secondary market will generally pay brokerage commissions or other charges
imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost forinvestors seeking to buy or sell relatively small amounts of shares. In addition, secondary market investors will also incur the cost of the difference
between the price that an investor is willing to pay for shares (the “bid” price) and the price at which an investor is willing to sell shares (the “ask”
price). This difference in bid and ask prices is often referred to as the “spread” or “bid/ask spread.” The bid/ask spread varies over time for sharesbased on trading volume and market liquidity and is generally lower if the Funds’ shares have more trading volume and market liquidity and higher if
the Fund’s shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads.
Although the shares are listed on the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be
maintained. In addition, trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange,
make trading in shares inadvisable. Further, trading in shares on the Exchange is subject to trading halts caused by extraordinary market volatility
pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listingof the Fund will continue to be met or will remain unchanged.
Sector Risk — To the extent that the Funds invest a significant portion of assets in a particular sector, the Funds may be susceptible to loss due toadverse occurrences affecting that sector.
Small and Medium Capitalization Company Risk. Investing in securities of small and medium capitalization companies involves greater risk thancustomarily is associated with investing in larger, more established companies. These companies’ securities may be more volatile and less liquidthan those of more established companies. These securities may have returns that vary, sometimes significantly, from the overall securities market.
Small and medium capitalization companies are sometimes more dependent on key personnel or limited product lines than larger, more diversified
companies. Often, small and medium capitalization companies and the industries in which they focus are still evolving and, as a result, they may be
more sensitive to changing market conditions.
Sovereign Debt Securities Risk. Investments in sovereign debt obligations involve special risks not present in corporate debt obligations. The issuer ofthe sovereign debt or the authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, andthe Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt, and theFund’s NAV, may be more volatile than prices of U.S. debt obligations. In the past, certain non-U.S. markets have encountered difficulties in servicing
their debt obligations, withheld payments of principal and interest and declared moratoria on the payment of principal and interest on their sovereign
debts. These risks increase for lower-rated and high yield debt securities, as discussed in this Prospectus.
Swaps Contract Risk. Each swap exposes the Fund to counterparty risk when a counterparty to a financial instrument entered into by the Fund may
become bankrupt or otherwise fail to perform its obligations. As a result, the Fund may experience delays in or be prevented from obtaining payments
owed to it pursuant to a swap contract.
U.S. Government Securities Risk. U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as thoseissued or guaranteed the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment ofinterest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed
by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would resultin losses to the Fund.
Value Investment Risk. The Funds may consider certain value metrics when selecting stocks for inclusion in their portfolio and, as a result, the Funds
may underperform when the market favors stocks with growth characteristics or a non-value investment approach. Value investments are subject tothe risk that their intrinsic value may never be realized by the market.

7. GUARANTEES AND INDEMNIFICATIONSIn the normal course of business, the Funds enter into contracts with third-party service providers that contain a variety of representations and warranties
and that provide general indemnifications. Additionally, under the Funds’ organizational documents, the officers and trustees are indemnified against
certain liabilities arising out of the performance of their duties to the Funds. The Funds’ maximum exposure under these arrangements is unknown, as
it involves possible future claims that may or may not be made against the Funds. Based on experience, the Investment Adviser is of the view that therisk of loss to the Funds in connection with the Funds’ indemnification obligations is remote; however, there can be no assurance that such obligations
will not result in material liabilities that adversely affect the Funds.
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Notes to Financial Statements
April 30, 2024

8. RECLASSIFICATION OF CAPITAL ACCOUNTS
U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These
reclassifications have no effect on net assets or net asset value per share. These differences are primarily due to adjustments for redemptions in-kind.
For the year or period ended April 30, 2024, the following table shows the reclassifications made:

Fund
Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Value ETF
Cambria Global Momentum ETF
Cambria Global Asset Allocation ETF
Cambria Value and Momentum ETF
Cambria Global Tail Risk ETF
Cambria Emerging Shareholder Yield ETF
Cambria Tail Risk ETF
Cambria Trinity ETF
Cambria Cannabis ETF
Cambria Global Real Estate ETF
Cambria Micro and SmallCap Shareholder Yield ETF
Cambria Tactical Yield ETF

Paid-In Capital$153,180,423
11,471,534
8,569,651
2,012,672
657,908
13,571,184(161,257)(236,193)(5,493)
1,062,700(484,004)
221,115——

Total Distributable
Earnings$(153,180,423)(11,471,534)(8,569,651)(2,012,672)(657,908)(13,571,184)
161,257
236,193
5,493(1,062,700)
484,004(221,115)——

9. INCOME TAXES AND DISTRIBUTIONS TO SHAREHOLDERS
The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations,which may differ from U.S. GAAP. These differences are primarily attributable to redemption in-kind transactions. As a result, net investment income(loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period.
For tax purposes, short term realized gains are considered ordinary income. The tax character of dividends and distributions declared during the period
ended April 30, 2024 and April 30, 2023, were as follows:

Fund
Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Value ETF
Cambria Global Momentum ETF
Cambria Global Asset Allocation ETF
Cambria Value and Momentum ETF
Cambria Global Tail Risk ETF
Cambria Emerging Shareholder Yield ETF
Cambria Tail Risk ETF
Cambria Trinity ETF
Cambria Cannabis ETF
Cambria Global Real Estate ETF
Cambria Micro and SmallCap Shareholder Yield ETF
Cambria Tactical Yield ETF

Period Ended April 30, 2024
Long-Term
Capital Gains
Ordinary Income
Return of Capital$18,189,105 $— $—
12,160,168——
7,413,483——
4,864,989—
90,6201,918,316——
592,601——
92,027—23,504
12,050,108——
4,835,037——
4,380,302—
156,484
397,187——
1,425,683——
173,103——
64,232——

Period Ended April 30, 2023
Long-Term
Capital Gains
Ordinary Income$15,158,346 $3,350,442
5,789,832—
5,123,088—
3,308,682—
1,914,838
178,108
1,755,804———
5,803,121
1,582,524
5,934,009—
3,255,280
822,647
415,452—783,635
—
N/A
N/A
N/A
N/A

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Notes to Financial Statements
April 30, 2024

Funds are permitted to carry forward losses for an unlimited period and losses that are carried forward will retain their character as either short- term
or long-term capital losses. As of April 30, 2024, the Funds have the following capital loss carryforwards and offset capital gains for an unlimited period:
Non-Expiring
Short-Term$16,665,178
8,767,805
473,925
21,873,850—
22,030,061
466,673
4,043,052
53,432,380
3,220,098
490,0113,929,741——

Fund
Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Value ETF
Cambria Global Momentum ETF
Cambria Global Asset Allocation ETF
Cambria Value and Momentum ETF
Cambria Global Tail Risk ETF
Cambria Emerging Shareholder Yield ETF
Cambria Tail Risk ETF
Cambria Trinity ETF
Cambria Cannabis ETF
Cambria Global Real Estate ETF
Cambria Micro and SmallCap Shareholder Yield ETF
Cambria Tactical Yield ETF

Non-Expiring
Long-Term$37,948,242
10,005,276
29,744,368—
936,799
6,796,208
823,732
1,591,206
122,505,484
2,065,785
15,301,020
674,048——

Net capital losses incurred after October 31 (post-October losses) and net investment losses incurred after December 31 (late year losses), and within
the taxable year, may be elected to be deferred to the first business day of the Fund’s next taxable year. As of April 30, 2024 the Global Tail Risk ETF had$60,503 in late-year losses. As of April 30, 2024, the remaining Funds had not elected to defer any post-October or late year losses.
The Federal tax cost and aggregate gross unrealized appreciation and depreciation on investments and foreign currency and distributable (accumulated)
earnings (loss) held by the Funds at April 30, 2024, were as follows:
Cambria
Shareholder
Yield ETF
Cost of investments
Gross tax unrealized appreciation
Gross tax unrealized depreciation
Net tax unrealized appreciation (depreciation)
Undistributed ordinary income (loss)
Undistributed long-term capital gain (loss)
Total distributable earnings
Other accumulated gain (loss)
Total distributable (accumulated) earnings (losses)

Undistributed ordinary income
Undistributed long-term capital gain (loss)
Total distributable earnings
Other accumulated gain (loss)
Total distributable (accumulated) earnings (losses)

Annual Report | April 30, 2024 

Cambria
Global Value
ETF

Cambria
GlobalMomentum
ETF

Cambria
Global Asset
Allocation ETF

Cambria
Value and
Momentum
ETF

Cambria
Global Tail
Risk ETF$1,195,949,345 $262,565,362 $115,848,191 $126,358,654 $55,552,980 $55,219,515 $2,642,707
74,899,315
27,527,680
7,836,084
11,206,311
4,328,036
7,590,138
154,914(76,724,403)(14,026,946)(18,778,628)(728,745)(3,914,127)(2,864,231)(422,294)(1,825,088)
13,500,734(10,942,544)
10,477,566
413,909
4,725,907(267,380)
674,072—
674,072(54,613,420)

4,918,099—
4,918,099(18,773,081)

907,010—907,010(30,218,293)———(21,873,850)

50,797—50,797(936,799)

6,829
—
6,829
(28,826,269)———(1,350,908)$(55,764,436) $(354,248) $(40,253,827) $(11,396,284) $(472,093) $(24,093,533) $(1,618,288)

Cambria
Emerging
Shareholder
Yield ETF
Cost of investments
Gross tax unrealized appreciation
Gross tax unrealized depreciation
Net tax unrealized appreciation (depreciation)

Cambria
Foreign
Shareholder
Yield ETF

Cambria Tail
Risk ETF

Cambria
Trinity ETF

Cambria
Cannabis ETF

Cambria
Global Real
Estate ETF

Cambria Microand SmallCap
Shareholder
Yield ETF

Cambria
Tactical Yield
ETF$319,504,469 $84,582,994 $106,896,280 $17,821,383 $22,865,226 $26,327,479 $13,868,825
68,719,461
5,426,807
6,628,955
283,344
1,383,981
1,482,883
268(35,075,240)(10,006,523)(2,455,303)(8,716,740)(2,009,173)(1,144,905)(12,316)
33,644,221(4,579,716)
4,173,652(8,433,396)(615,192)
337,978(12,048)
6,876,278—
6,876,278(5,634,258)

210,984—
210,984(175,937,864)———(5,285,883)

748,350—
748,350(15,791,031)

71,805—71,805(4,603,789)

200,805—
200,805—

74,031—
74,031—$34,886,241 $(180,306,596) $(1,112,231) $(23,476,077) $(5,141,176) $538,783 $61,983

97Cambria ETF Trust

Notes to Financial Statements
April 30, 2024

The difference between the federal income tax cost of portfolio investments and other financial instruments and the financial statement cost is due
to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences aretemporary in nature and are due to the tax deferral of losses on wash sales, the tax treatment of passive foreign investment companies, partnershipinvestments, the tax treatment of grantor trusts, and certain market to market adjustments.

10. SECURITIES LENDING
Certain Funds have entered into a Securities Lending Agreement with U.S. Bank N.A., (the “Lending Agent”) to lend portfolio securities to brokers,
dealers and other financial organizations that meet capital and other credit requirements or other criteria established by the Trust’s Board. Theseloans, if and when made, may not exceed 33 1/3% of the total asset value of the respective Fund (including the loan collateral). The Funds will notlend portfolio securities to the Adviser or its affiliates unless permissible under the 1940 Act and the rules and promulgations thereunder. Loans of
portfolio securities will be fully collateralized by cash, letters of credit or U.S. government securities, and the collateral will be maintained in an amountequal to at least 102% of the then market value of domestic loaned securities and 105% of the value of foreign equity securities. However, due tomarket fluctuations during the day, the value of securities loaned on a particular day may, during the course of the day, exceed the value of collateral.
On each business day, the amount of collateral is adjusted based on the prior day’s market fluctuations and the current day’s lending activity. Income
from lending activity is determined by the amount of interest earned on collateral, less any amounts payable to the borrowers of the securities
and the lending agent. Lending securities involves certain risks, including the risk that the Funds may be delayed or restricted from recovering theloaned securities or disposing of the collateral for the loan, which could give rise to loss because of adverse market actions, expenses and/or delays
in connection with the disposition of the underlying securities. Any gain or loss in the market price of the securities loaned and income from lending
activity by the Funds that might occur during the term of the loan would be for the account of that Fund.
Cash collateral received in connection with securities lending of each applicable Fund is invested in First American Government Obligations Fund ClassX and is presented on the Schedules of Investments.
Securities lending transactions are entered into by a Fund under the Securities Lending Agreement, which permits a Fund, under certain circumstancessuch as an event of default, to offset amounts payable by a Fund to the same counterparty against amounts receivable from the counterparty to createa net payment due to or from a Fund.
The following is a summary of securities lending agreements held by the Funds, with cash collateral of overnight and continuous maturities and non‐cash collateral, if any, which would be subject to offset as of April 30, 2024:

Fund
Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Asset Allocation ETF
Cambria Value And Momentum ETF
Cambria Trinity ETF

Valueof Securities
on Loan$11,904,696
6,797,236
2,270,888
456,301
3,798,487

Payableon Collateral
Received$12,582,845
7,357,219
2,337,750
472,450
3,960,925

11. SUBSEQUENT EVENTSManagement has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no
subsequent events that require adjustment to, or disclosure in, the financial statements.

98www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024

12. SHAREHOLDER MEETINGS (UNAUDITED)A special meeting of the shareholders was held on each of the following dates, to approve the below:
Meeting held August 25, 2023:
Cambria ETF Trust
1A. Election of Trustee: Cullen RocheFOR
AGAINST
ABS/WHDTOTALSHARES VOTED
38,046,071.843
0.000
905,058.107
38,951,129.950% OF VOTED
97.677%0.000%
2.323%
100.000%% OF TOTAL
57.997%0.000%
1.379%
59.376%SHARES VOTED
36,969,477.094
0.000
1,981,652.856
38,951,129.950% OF VOTED
94.913%0.000%
5.087%
100.000%% OF TOTAL
56.356%0.000%
3.020%
59.376%

1B. Election of Trustee: Thomas (Taz) M. Turner, Jr.
  FOR
AGAINST
ABS/WHD
TOTAL
SYLD
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.
  FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL

3.

SHARES VOTED
3,537,504.283
94,532.411
119,787.215
2,769,926.505
6,521,750.414% OF VOTED
54.242%1.450%
1.836%
42.472%100.000%% OF TOTAL
28.643%0.765%
0.969%
22.428%52.805%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.
  
FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL

Annual Report | April 30, 2024 

SHARES VOTED
3,415,745.764
188,865.984
147,213.161
2,769,925.505
6,521,750.414% OF VOTED
52.375%2.896%
2.257%
42.472%100.000%% OF TOTAL
27.657%1.529%
1.192%
22.428%52.806%99

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024

FYLD
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.
  FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL

3.

SHARES VOTED
3,435,491.144
42,415.040
37,628.177
1,182,803.096
4,698,337.457% OF VOTED
73.122%0.903%
0.801%
25.174%100.000%% OF TOTAL
45.503%0.561%
0.498%
15.666%62.228%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.
  
FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
3,380,920.961
100,213.711
34,399.689
1,182,803.096
4,698,337.457% OF VOTED
71.960%2.133%
0.733%
25.174%100.000%% OF TOTAL
44.780%1.327%
0.455%
15.666%62.228%GVAL
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.
  FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL

3.

SHARES VOTED
3,328,328.025
15,905.175
26,111.273
652,465.436
4,022,809.909% OF VOTED
82.737%0.395%
0.649%
16.219%100.000%% OF TOTAL
50.049%0.239%
0.392%
9.811%
60.491%

To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.
  
FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
3,293,180.207
42,587.176
34,577.090
652,465.436
4,022,809.909% OF VOTED
81.863%
1.059%
0.859%
16.219%100.000%% OF TOTAL
49.521%0.640%
0.519%
9.811%
60.491%100www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024 (Unaudited)

GMOM
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.
  FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL

3.

SHARES VOTED
2,829,953.964
21,776.696
31,425.166
617,067.759
3,500,223.585% OF VOTED
80.851%0.623%
0.897%
17.629%100.000%% OF TOTAL
45.279%0.348%
0.502%
9.873%
56.002%

To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.
  
FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
2,789,075.130
61,090.951
32,989.745
617,067.759
3,500,223.585% OF VOTED
79.683%1.746%
0.942%
17.629%100.000%% OF TOTAL
44.625%0.977%
0.527%
9.873%
56.002%GAA
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
710,065.649
39,486.984
19,236.153
144,519.802
913,308.588% OF VOTED
77.747%4.324%
2.106%
15.823%100.000%% OF TOTAL
38.381%2.134%
1.039%
7.811%
49.365%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend
agreements with unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL

Annual Report | April 30, 2024 

SHARES VOTED
661,447.293
71,628.350
35,713.143
144,519.802
913,308.588% OF VOTED
72.424%7.843%
3.910%
15.823%100.000%% OF TOTAL
35.753%3.871%
1.930%
7.811%
49.365%101

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024 (Unaudited)

EYLD
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
2,549,851.040
26,868.115
26,562.207
763,322.248
3,366,603.610% OF VOTED
75.740%0.799%
0.788%
22.673%100.000%% OF TOTAL
41.460%0.436%
0.431%
12.411%54.738%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
2,506,621.789
75,211.817
21,447.756
763,322.248
3,366,603.610% OF VOTED
74.456%2.234%
0.637%
22.673%100.000%% OF TOTAL
40.758%1.222%
0.348%
12.411%54.739%FAIL
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
69,330.904
1,066.000
1,517.000
8,647.999
80,561.903% OF VOTED
86.060%1.323%
1.883%
10.734%100.000%% OF TOTAL
34.665%0.533%
0.758%
4.323%
40.279%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
69,112.904
1,136.000
1,665.000
8,647.999
80,561.903% OF VOTED
85.789%1.411%
2.066%
10.734%100.000%% OF TOTAL
34.556%
0.568%
0.832%
4.323%
40.279%102www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024 (Unaudited)

BLDG
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
701,859.023
1,072.000
10,748.496
65,524.927
779,204.446% OF VOTED
90.074%0.138%
1.379%
8.409%
100.000%% OF TOTAL
63.805%0.097%
0.977%
5.956%
70.835%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
700,773.970
3,054.053
9,851.496
65,524.927
779,204.446% OF VOTED
89.935%0.392%
1.264%
8.409%
100.000%% OF TOTAL
63.706%
0.277%
0.895%
5.956%
70.834%TOKE
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
600,435.132
56,486.482
26,684.697
317,640.661
1,001,246.972% OF VOTED
59.969%5.642%
2.665%
31.724%100.000%% OF TOTAL
34.310%3.227%
1.524%
18.150%57.211%

To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL

Annual Report | April 30, 2024 

SHARES VOTED
552,494.146
102,702.233
28,409.932
317,640.661
1,001,246.972% OF VOTED
55.181%
10.258%2.837%
31.724%100.000%% OF TOTAL
31.571%5.868%
1.623%
18.150%57.212%103

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024 (Unaudited)

TRTY
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
2,620,596.870
14,621.411
6,952.470
686,921.902
3,329,092.653% OF VOTED
78.719%0.440%
0.208%
20.633%100.000%% OF TOTAL
54.595%0.304%
0.144%
14.310%69.353%

To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
2,600,304.870
36,989.411
4,876.470
686,921.902
3,329,092.653% OF VOTED
78.109%1.112%
0.146%
20.633%100.000%% OF TOTAL
54.172%0.770%
0.101%
14.310%69.353%TAIL
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
5,039,893.848
134,542.843
141,317.817
3,873,169.513
9,188,924.021% OF VOTED
54.848%1.465%
1.537%
42.150%100.000%% OF TOTAL
34.878%0.931%
0.977%
26.803%63.589%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
4,939,666.164
253,446.327
122,642.017
3,873,169.513
9,188,924.021% OF VOTED
53.757%2.759%
1.334%
42.150%100.000%% OF TOTAL
34.184%1.753%
0.848%
26.803%63.588%104www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024 (Unaudited)

VAMO
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.
SHARES VOTED
1,382,060.024
11,619.813
2,177.000
153,209.550
1,549,066.387

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

% OF VOTED
89.219%0.751%
0.140%
9.890%
100.000%% OF TOTAL
55.282%
0.464%
0.087%
6.128%
61.961%

To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.
  
FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
1,381,408.133
12,415.027
2,033.677
153,209.550
1,549,066.387% OF VOTED
89.177%0.802%
0.131%
9.890%
100.000%% OF TOTAL
55.256%
0.496%
0.081%
6.128%
61.961%

Meeting held October 19, 2023:
SYLD
1.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
2.

SHARES VOTED
5,183,861.549
182,753.312
245,561.945
1,846,959.205
7,459,136.011% OF VOTED
69.497%2.450%
3.292%
24.761%100.000%% OF TOTAL
41.974%1.479%
1.988%
14.955%60.396%

To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL

Annual Report | April 30, 2024 

SHARES VOTED
5,041,666.225
297,536.435
272,975.146
1,846,958.205
7,459,136.011% OF VOTED
67.591%
3.989%
3.659%
24.761%100.000%% OF TOTAL
40.823%2.409%
2.210%
14.955%60.397%105

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024 (Unaudited)GAA
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
800,731.945
45,851.794
22,948.636
131,615.802
1,001,148.177% OF VOTED
79.982%4.580%
2.292%
13.146%100.000%% OF TOTAL
43.282%2.478%
1.240%
7.114%
54.114%

To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
750,898.968
79,761.160
38,872.247
131,615.802
1,001,148.177% OF VOTED
75.004%
7.967%
3.883%
13.146%100.000%% OF TOTAL
40.589%4.311%
2.101%
7.114%
54.115%FAIL
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
77,407.708
1,066.000
1,856.000
7,243.999
87,573.707% OF VOTED
88.392%
1.218%
2.119%
8.271%
100.000%% OF TOTAL
38.703%0.533%
0.928%
3.621%
43.785%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
77,204.708
1,336.000
1,789.000
7,243.999
87,573.707% OF VOTED
88.160%1.526%
2.043%
8.271%
100.000%% OF TOTAL
38.602%
0.668%
0.894%
3.621%
43.785%106www.cambriafunds.com

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024 (Unaudited)

TOKE
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
863,422.130
74,238.552
49,085.674
209,757.666
1,196,504.022% OF VOTED
72.163%6.205%
4.102%
17.530%100.000%% OF TOTAL
49.338%4.242%
2.804%
11.986%68.370%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend
agreements with unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
804,827.665
131,673.617
50,245.074
209,757.666
1,196,504.022% OF VOTED
67.265%11.005%4.200%
17.530%100.000%% OF TOTAL
45.990%7.524%
2.871%
11.986%68.371%TAIL
2.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
3.

SHARES VOTED
6,923,842.219
199,982.851
249,937.611
2,654,982.124
10,028,744.805% OF VOTED
69.040%1.995%
2.492%
26.473%100.000%% OF TOTAL
47.915%1.383%
1.729%
18.373%69.400%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend
agreements with unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL

Annual Report | April 30, 2024 

SHARES VOTED
6,772,162.812
368,883.640
232,716.229
2,654,982.124
10,028,744.805% OF VOTED
67.528%3.679%
2.320%
26.473%100.000%% OF TOTAL
46.866%2.552%
1.610%
18.373%69.401%107

Cambria ETF Trust

Notes to Financial Statements
April 30, 2024 (Unaudited)

Meeting held November 10, 2023:
FAIL
1.

To approve a new investment sub-advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and Toroso
Investments, LLC.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTAL
2.

SHARES VOTED
96,501.496
1,324.528
2,481.684
7,106.999
107,414.707% OF VOTED
89.841%1.233%
2.310%
6.616%
100.000%% OF TOTAL
48.250%0.662%
1.240%
3.553%
53.705%To approve a “manager of managers” arrangement that would grant Cambria greater flexibility to enter into and materially amend agreementswith unaffiliated sub-advisers without shareholder approval, subject to prior approval by the Board.

FOR
AGAINST
ABS/WHDBROKER NON-VOTE
TOTALSHARES VOTED
96,248.299
1,659.408
2,400.001
7,106.999
107,414.707% OF VOTED
89.605%1.545%
2.234%
6.616%
100.000%% OF TOTAL
48.124%0.829%
1.200%
3.553%
53.706%108www.cambriafunds.com

Cambria ETF Trust

Report of Independent Registered Public Accounting Firm
April 30, 2024

To the Shareholders and Board of Trustees ofCambria ETF Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments and total return swap contracts,of Cambria ETF Trust comprising the funds listed below (the “Funds”) as of April 30, 2024, the related statements of operations, the statementsof changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the“financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds asof April 30, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below inconformity with accounting principles generally accepted in the United States of America.
Fund Name

Statements ofOperations

Statements of
Changes in Net Assets

Financial Highlights

Cambria Shareholder Yield ETF, Cambria Foreign Shareholder Yield
ETF, Cambria Global Value ETF, Cambria Global Momentum ETF,
Cambria Global Asset Allocation ETF, Cambria Value and Momentum
ETF, Cambria Global Tail Risk ETF, Cambria Emerging Shareholder
Yield ETF, Cambria Tail Risk ETF, and Cambria Trinity ETF

For the year endedApril 30, 2024

For the years
ended April 30,
2024 and 2023

For the years endedApril 30, 2024, 2023,
2022, 2021, and 2020

Cambria Cannabis ETF

For the year endedApril 30, 2024

For the years
ended April 30,
2024 and 2023

For the years endedApril 30, 2024, 2023,
2022, and 2021 and forthe period from July 24,
2019 (commencementof operations) throughApril 30, 2020

Cambria Global Real Estate ETF

For the year endedApril 30, 2024

For the years
ended April 30,
2024 and 2023

For the years endedApril 30, 2024, 2023, and2022 and for the period
from September 23,
2020 (commencementof operations) throughApril 30, 2021

Cambria Micro and SmallCap Shareholder Yield ETF andCambria Tactical Yield ETF

For the period from January 4, 2024 (commencement of operations)through April 30, 2024

Basis for Opinion
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial
statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States)(“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtainreasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Annual Report | April 30, 2024 

109

Cambria ETF Trust

Report of Independent Registered Public Accounting Firm
April 30, 2024

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud,and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts anddisclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2024, by correspondence with thecustodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating theaccounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that our audits provide a reasonable basis for our opinion.
We have served as the Funds’ auditor since 2016.

COHEN & COMPANY, LTD.
Cleveland, Ohio
July 1, 2024

110www.cambriafunds.com

Cambria ETF Trust

Disclosure of Fund Expenses
April 30, 2024 (Unaudited)

All ETFs have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs
for ETF management and brokerage fees. It is important for you to understand the impact of these costs on your investment returns. Shareholder may
incur brokerage commissions on their purchase and sales of Fund Shares, which are not reflected in the examples below.
Operating expenses such as these are deducted from the ETF’s gross income and directly reduce its final investment return. These expenses are
expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.
The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and tocompare these costs with those of other funds. The examples do not reflect any brokerage commissions that you may pay on purchases and sales ofShares. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (November 1,
2023 to April 30, 2024).
The table below illustrates your Fund’s costs in two ways:
Actual Fund Return. This section helps you to estimate the actual expenses after fee waivers that your Fund incurred over the period. The “Expenses
Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value”
number is derived from deducting that expense cost from the Fund’s gross investment return.
You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply
divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratioby the number shown for your Fund under “Expenses Paid During Period.”
Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return
before expenses during the period, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisonsbecause the Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypotheticalresult for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.
NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to yourspecific investment.
Beginning
Account Value

EndingAccount Value

ExpenseRatio(a)Expenses Paid
During Period(b)Shareholder Yield ETF
ActualHypothetical (5% return before expenses)$1,000.00
1,000.00$1,179.70
1,021.93

0.59%
0.59%

$3.202.97

Foreign Shareholder Yield ETF
ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,169.10
1,021.93

0.52%
0.52%

2.80
2.61

Global Value ETF
ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,140.60
1,021.58

0.66%
0.66%

3.51
3.32

Global Momentum ETF
ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,090.40
1,021.93

0.59%
0.59%

3.07
2.97

Global Asset Allocation ETF
ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,117.90
1,024.86

—%
—%

—
—

Annual Report | April 30, 2024 

111

Cambria ETF Trust

Disclosure of Fund Expenses
April 30, 2024 (Unaudited)

Beginning
Account Value

EndingAccount Value

ExpenseRatio(a)Expenses Paid
During Period(b)Value and Momentum ETF
ActualHypothetical (5% return before expenses)$1,000.00
1,000.00$1,106.20
1,021.98

0.58%
0.58%

$3.04
2.92

Global Tail Risk ETF(d)ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

883.60
1,023.22

0.40%
0.40%

1.55
1.66

Emerging Shareholder Yield ETF
ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,257.90
1,021.78

0.62%
0.62%

3.48
3.12

Tail Risk ETF
ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

934.10
1,021.93

0.59%
0.59%

2.84
2.97

Trintiy ETF
ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,088.80
1,024.86

—%
—%

—
—

Cannabis ETF(d)ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,310.50
1,023.47

0.28%
0.28%

1.61
1.41

Global Real Estate ETF(d)ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,103.30
1,022.92

0.39%
0.39%

2.04
1.96

Micro and SmallCap ETF(d)ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,023.10
1,023.87

0.20%
0.20%

0.65(c)1.01

Tactical Yield ETF(d)ActualHypothetical (5% return before expenses)

1,000.00
1,000.00

1,014.50
1,023.97

0.18%
0.18%

0.58(c)
0.91

(a)
(b)

(c)

(d)

The Funds’ expense ratios have been annualized based on the Funds’ most recent fiscal half-year expenses.
Expenses are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by the number ofdays (182) in the most recent six month period and divided by the number of days in the most recent twelve month period (366). The annualized
expense ratios reflect fee waiver and expense limitation arrangements, including custody fees, in effect during the period. The “Financial
Highlights” tables in the Funds’ financial statements, included in the report, also show the gross expense ratios, without such reimbursements.
Expenses are equal to the Funds’ annualized expense ratio, multiplied by the average account value over the period, multiplied by the numberof days (118) since inception (reflecting the period from January 4, 2024 to April 30, 2024) and divided by the number of days in the most recent
twelve month period (366). The annualized expense ratios reflect fee waiver and expense limitation arrangements, including custody fees, in effectduring the period. The “Financial Highlights” tables in the Funds’ financial statements, included in the report, also show the gross expense ratios,
without such reimbursements.
Effective March 1, 2024, the adviser fees were waived on Funds under $50 million.

112www.cambriafunds.com

Cambria ETF Trust

Approval of Advisory Agreements & Board Considerations
April 30, 2024 (Unaudited)

Board Considerations in Approving the Investment Advisory Agreement
The Board of Trustees (the “Board”) of Cambria ETF Trust (the “Trust”), including those Trustees who are not “interested persons” (as defined in theInvestment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), attended a meeting held via videoconference on March 5,2024 (the “Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the approval and continuation of theinvestment advisory agreement (the “Agreement”) between Cambria Investment Management, L.P. (“Cambria”) and the Trust, with respect to eachseries of the Trust except for the Cambria Micro and SmallCap Shareholder Yield ETF and Cambria Tactical Yield ETF (each, a “Fund” and, collectively,
the “Funds”). In preparation for its deliberations, the Board requested and reviewed written responses from Cambria to a due diligence questionnaire
circulated on the Board’s behalf relating to the Funds. The Board also reviewed a memorandum from Fund counsel discussing the legal standards
applicable to its consideration of the Agreement. During its deliberations, the Board received an oral presentation from Cambria and was assisted by
the advice of independent legal counsel.
In evaluating the Agreement, the Board reviewed information regarding Cambria’s personnel, operations, and financial condition. In addition, theBoard considered the evaluation process of Cambria to be ongoing and, in this regard, the Board considered information about Cambria derived fromprior meetings of the Board concerning Cambria’s performance and services with respect to the Funds as part of the 15(c) review process. At the
Meeting, the Board considered: (1) the nature, extent and quality of the services provided to the Funds by Cambria; (2) the investment performanceof Cambria with respect to each Fund; (3) the costs of the services provided by Cambria and the profitability to Cambria derived from its relationshipwith each Fund; (4) the advisory fee and total expense ratio of each Fund as compared to those of its relevant peer group of funds (each, a “PeerGroup”); (5) the extent to which economies of scale would be realized as the Funds grow and whether the advisory fee would enable investors to sharein the benefits of economies of scale; (6) any other financial benefits to be derived by Cambria and its affiliates from their relationship with the Funds;(7) Cambria’s reputation, expertise and resources in the financial markets; (8) Cambria’s investment management personnel; (9) Cambria’s operations
and financial condition; (10) Cambria’s compliance program; and (11) other factors the Board deemed relevant.
The discussion immediately below outlines in greater detail the materials and information presented to the Board in connection with its consideration
and approval of the Agreement, and the conclusions made by the Board at the Meeting when determining to approve the Agreement on behalf of
the Funds.
Nature, Extent and Quality of Services. The Board reviewed the nature, quality, and extent of the overall services to be provided by Cambria to
the Funds. In particular, the Board considered Cambria’s responsibilities under the terms of the Agreement, recognizing that Cambria had invested
significant time and effort in structuring the Trust, developing the Funds, arranging service providers, exploring various sales channels, and assessing
the appeal for each Fund’s investment strategy. In addition, the Board considered that Cambria is responsible for providing investment advisory
services to each Fund, monitoring compliance with each Fund’s objectives, policies, and restrictions, and carrying out directives of the Board. The
Board also considered the services provided by Cambria in the oversight of Tidal as well as the Trust’s distributor, administrator, transfer agent,and custodian. In addition, the Board evaluated the integrity of Cambria’s personnel, the professional qualifications and experience of the portfolio
management team in managing assets, their experiences with Cambria’s services, and the adequacy of Cambria’s resources and financial condition.
Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with the nature, extent and quality of theservices provided to the Funds by Cambria.
Performance. The Board noted that it considered the performance of the Funds throughout the year and reviewed each Fund’s performance forthe three-month, 12-month, and since inception periods ended January 31, 2024. In this regard, among other things, the Board considered reports
comparing each Fund’s total returns to the total returns of the Fund’s Peer Group and its benchmark index. Representatives from Cambria provided
information regarding, and led a discussion on, the factors impacting each Fund’s performance, including current market conditions and Cambria’s
future expectations with respect to each Fund’s strategies.
Cambria Shareholder Yield ETF: The Board considered that the Fund underperformed, before fees and expenses, the S&P 500, its benchmark
index, for the since inception period, 12- and three-month periods. Primary drivers of the Fund’s underperformance for the 12- and three-month
periods, relative to its benchmark, were an underweight allocation to the Technology and Communication Services sectors. The Board further notedthat the Fund outperformed all of the funds in its Peer Group for the since inception period, had underperformed all but one of its Peer Group funds
for the 12-month period, and had outperformed half of its Peer Group funds for the 3-month period.
Cambria Foreign Shareholder Yield ETF: The Board considered that the Fund underperformed, before fees and expenses, the MSCI EAFE Index,
its benchmark index, for the since inception, 12- and three-month periods. Primary drivers of the Fund’s underperformance during the three-month
period, relative to its benchmark, were its exposure to the Swiss Franc and Euro, security selection in France, and underweight allocation in Germany.
The Fund’s overweight allocation to Hong Kong, as well as its security selection and currency exposure in Switzerland drove underperformance relative
to its benchmark for the 12-month period. The Board further noted that the Fund outperformed all of the funds in its Peer Group during all three
periods, except the Fund slightly underperformed one of its peer funds during the most recent three-month period.

Annual Report | April 30, 2024 

113

Cambria ETF Trust

Approval of Advisory Agreements & Board Considerations
April 30, 2024 (Unaudited)

Cambria Global Value ETF: The Board considered that the Fund underperformed, before fees and expenses, the MSCI ACWI Total Return Index, its
benchmark index, for the three-month and 12-month periods, and significantly underperformed the same benchmark for the since inception period.
The primary driver of the Fund’s underperformance during the three-month and 12-month periods was a lack of exposure to the U.S. relative to its
benchmark. The Board further noted that the Fund underperformed all of the funds in its Peer Group for the three- and 12-month periods, and theFund’s performance significantly lagged behind the performance of all funds in the Peer Group for the since inception period.
Cambria Global Momentum ETF: The Board considered that the Fund underperformed, before fees and expenses, the S&P Balanced Equity andBond – Moderate Index, its benchmark index, for the three-month and 12-month periods, and significantly underperformed the same benchmark
for the since inception period. A primary driver of the Fund’s underperformance relative to its benchmark during the three-month period was its
exposure to commodities. The Fund’s exposure to gold mining stocks, global financial stocks, and a hedge against the S&P 500 Index contributed to its
underperformance for the three-month period. The Board further noted that the Fund generally performed within the high range of its Peer Group forthe since inception period, but the Fund’s performance lagged the performance of its Peer Group funds for the three- and 12-month periods.
Cambria Global Asset Allocation ETF: The Board considered that the Fund underperformed, before fees and expenses, the S&P Balanced
Equity and Bond – Moderate Index, its benchmark index, for the since inception, three- and 12-month periods. The primary driver of the Fund’s
underperformance during the three-month period relative to its benchmark was the Fund’s exposure to commodities; whereas, the Fund’s exposure
to global real estate and commodities were the primary causes of the Fund’s underperformance during the 12-month period. The Board further
noted that the Fund generally performed within the range of its Peer Group for the since inception period, but the Fund’s performance lagged theperformance of its Peer Group funds for the three- and 12-month periods.
Cambria Value and Momentum ETF: The Board considered that the Fund significantly underperformed, before fees and expenses, the S&P
500, its benchmark index, for the since inception, three- and 12-month periods. The primary drivers of the Fund’s underperformance during thethree- and 12-month periods were the Fund’s hedge against the S&P 500, and an underweight allocation to and security selection in Technology andCommunications Services. The Board further noted that the Fund generally underperformed its Peer Group over all three periods.
Cambria Global Tail Risk ETF: The Board considered that the Fund significantly underperformed, before fees and expenses, a blended benchmarkof the FTSE/Citi World Government Bond Index and the Bloomberg Barclays U.S. Short Term Treasury Total Return Index Unhedged for the three-,
12-month, and since inception periods. The primary drivers of the Fund’s underperformance during the three- and 12-month periods were the Fund’s
put options on the MSCI EAFE and MSCI Emerging Markets Indices. The Board further noted that the Fund underperformed all but two of the funds
in its Peer Group for the since inception period, all funds in its Peer Group for the 12-month period, and all but one fund in its Peer Group for thethree-month period.
Cambria Emerging Shareholder Yield ETF: The Board considered that the Fund outperformed, before fees and expenses, the MSCI Emerging
Markets Total Return Index, its benchmark index, for all three periods, including significant outperformance during the 12-month and since inception
periods. The primary drivers of the Fund’s outperformance during the three-month period, relative to its benchmark, was security selection in China
and an overweight allocation to Taiwan as well as exposure to the Thai baht. The primary drivers of the Fund’s outperformance during the 12-month
period, relative to its benchmark, was security selection and currency exposure in China and an overweight allocation to and security selectionin Taiwan. The Board further noted that the Fund outperformed its Peer Group for all three periods, including significant outperformance for the
12-month and since inception periods.
Cambria Tail Risk ETF: The Board considered that the Fund underperformed, before fees and expenses, the Bloomberg Barclays U.S. ShortTerm Treasury Total Return Index Unhedged, its benchmark index, for the three-, 12-month, and since inception periods, including significant
underperformance for the 12-month and since inception periods. The Fund’s allocation to put options on the S&P 500, which had positive performance
during the quarter, was the primary driver of the Fund’s underperformance for the three- and 12-month periods. The Board further noted that theFund outperformed its Peer Group for all three periods, including significant outperformance for the three- and 12-month periods.
Cambria Trinity ETF: The Board considered that the Fund significantly underperformed, before fees and expenses, the S&P Balanced Equity andBond – Moderate Index, its benchmark index, for all three periods. The primary drivers of the Fund’s negative performance during the three-month
period were exposure to managed futures and commodities. The Fund’s exposure to gold mining stocks and global real estate, contributed to theFund’s relative underperformance of its benchmark during the 12-month period. The Board further noted that the Fund underperformed its Peer
Group for all three periods.
Cambria Cannabis ETF: The Board considered that the Fund significantly underperformed, before fees and expenses, the S&P 500, its benchmark
index, for the three-, 12-month and since inception periods. The primary driver of the Fund’s underperformance during the three- and 12-month
periods can be attributed to the general underperformance of the cannabis industry relative to the benchmark. The Board further noted that the Fund
outperformed all of the funds in its Peer Group for the since inception period, performed within the range of funds in its Peer Group for the 12-month
period, and significantly underperformed the funds in its Peer Group for the three-month period.
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Cambria ETF Trust

Approval of Advisory Agreements & Board Considerations
April 30, 2024 (Unaudited)

Cambria Global Real Estate ETF: The Board considered that the Fund underperformed, before fees and expenses, the FTSE EPRA Nareit Global
REITs Total Return Index, its benchmark index, for the since inception, three- and 12month periods. For the three-month period, positive returns wereoffset by the Fund’s exposure to Hong Kong and the Single-Family Residential REITs category. For the 12-month period, negative returns were driven
primarily by the Fund’s exposure to the United States and Turkey and the Office and Hotel & Resort REITs categories. The Board further noted that theFund generally performed within the range of its Peer Group for each period, but the Fund underperformed the performance of its Peer Group for thethree-month period.
The Trustees determined that each Fund’s performance was satisfactory, or, where the Fund’s performance was materially below its benchmark
and/or Peer Group, the Trustees were satisfied by the reasons for the underperformance and/or the steps taken by Cambria to improve the Fund’s
performance. The Board also considered each Fund’s portfolio turnover rate. In addition, the Board discussed and considered the performance trackrecord, investment experience, professional background, and qualifications of Mebane Faber, the Funds’ portfolio manager. Based on this information,
the Board concluded that it was satisfied with the investment results that Cambria had been able to achieve for each of the Funds.
Comparative Fees and Expenses. The Board considered each Fund’s advisory fees in relation to the estimated costs of the advisory and related
services provided by Cambria. The Trustees noted that each Fund charges a unitary advisory fee through which, Cambria, not the Funds, is responsible
for paying many of the expenses necessary to service the Funds, including the expenses of other service providers. In considering the advisory feesand expense ratios, the Board reviewed and considered the fees in light of the nature, quality and extent of the services provided by Cambria. Because
each Fund charges a unitary advisory fee, the Board considered how each Fund’s total expense ratio compared to those of the funds in their Peer
Group, noting how differences between fund strategies might impact fees. After comparing expense ratios, the Board noted that each Fund’s total
expense ratio was generally consistent with the range of total expense ratios charged by its Peer Group funds or, with respect to the Cambria Foreign
Shareholder Yield ETF, Cambria Emerging Shareholder Yield ETF, Cambria Global Value ETF, Cambria Global Asset Allocation ETF, Cambria Trinity ETF,
and Cambria Global Real Estate ETF, where the Fund’s expense ratio was higher than the Peer Group’s range of expense ratios, the Trustees weresatisfied by the reasons for the Funds’ higher expenses, including, but not limited to, significant differences between the investment strategies,
portfolio holdings, and/or asset size of such Funds and those of its Peer Group funds. The Board also considered Cambria’s representation that it would
continue to monitor the Funds’ expense ratios, as compared to those of their Peer Groups, and seek to ensure that the Funds’ fees remain competitive.
Based on its review, in the context of its full deliberations, the Board concluded for each Fund that the advisory fees appeared reasonable in light ofthe services to be rendered.
Costs and Profitability. The Board then considered the profits realized by Cambria in connection with the services Cambria provides to theFunds. The Board reviewed profit and loss information provided by Cambria with respect to each Fund. In particular, the Board noted Cambria’s
representation of its long-term commitment to the success of the Funds and the unitary fee structure under which Cambria bears the risk that theFunds’ expenses may increase. The Board further considered the costs associated with the personnel, systems, and equipment necessary to manage
the Funds and meet their regulatory and compliance requirements as well as other expenses Cambria pays in accordance with the Agreement. Basedon its review, in the context of its full deliberations, the Board concluded that Cambria’s profitability, with respect to each Fund, appeared reasonablein light of the services Cambria renders to the Funds.
Other Benefits. The Board then considered the extent to which Cambria derives or will derive ancillary benefits from a Fund’s operations. The
Board noted that Cambria did not have any affiliates that would benefit from the Funds’ operations. The Board also reviewed the degree to which
Cambria may receive compensation from the Funds based upon a Fund’s investment in other Funds.
Economies of Scale. The Board next considered the absence of breakpoints in Cambria’s fee schedule for each Fund and reviewed information
regarding the extent to which economies of scale or other efficiencies may result from increases in each Fund’s asset levels. The Board determinedthat it is difficult to predict when economies of scale might be realized for Cambria and the Funds, some of which launched less than five years ago.
The Board, thus, determined to monitor potential economies of scale, as well as the appropriateness of introducing breakpoints in the future, as assets
managed by each Fund grow larger.
Conclusion. In approving the Agreement, the Board did not identify any single factor as being of paramount importance, and different Trustees
may have given different weight to different factors. The Board reviewed a memorandum from Fund counsel discussing the legal standards applicable
to its consideration of the Agreement. Based on its review, including consideration of each of the factors referenced above, the Board determined,
in the exercise of its reasonable business judgment, that the advisory arrangement, as outlined in the Agreement, was fair and reasonable in light ofthe services to be performed, expenses to be incurred, and such other matters as the Board considered relevant. In light of the foregoing, the Board,
including a majority of the Independent Trustees, determined to approve the Agreement with respect to the Funds.

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Approval of Advisory Agreements & Board Considerations
April 30, 2024 (Unaudited)

Board Considerations in Approving the Investment Advisory Agreements for Cambria Tactical Yield ETF
The Board of Trustees (the “Board”) of Cambria ETF Trust (the “Trust”), including those Trustees who are not “interested persons” (as defined in
the Investment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), attended a meeting held via videoconference on
December 5, 2023 (the “Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the approval of (1) theinvestment advisory agreement between Cambria Investment Management, L.P. (“Cambria”) and the Trust (the “Advisory Agreement”), and (2) the
sub-advisory agreement between Tidal Investments LLC (“Tidal”) and Cambria (the “Sub-Advisory Agreement” and, together with the Advisory
Agreement, the “Agreements”), with respect to a newly proposed series of the Trust: Cambria Tactical Yield ETF (the“New Fund”). In preparation
for its deliberations, the Board requested and reviewed written responses from Cambria and Tidal to due diligence questionnaires circulated on the
Board’s behalf relating to the New Fund. The Board also reviewed a memorandum from Fund counsel discussing the legal standards applicable to its
consideration of the Agreements. During its deliberations, the Board received an oral presentation from Cambria and Tidal and was assisted by theadvice of independent legal counsel.
In evaluating the Agreements, the Board reviewed information regarding Cambria’s and Tidal’s personnel, operations, and financial condition. In
addition, the Board considered the evaluation process of Cambria and Tidal to be ongoing and, in this regard, the Board considered information about
Cambria and Tidal derived from prior meetings of the Board concerning Cambria’s and Tidal’s performance and services with respect to other seriesof the Trust (the “Funds”) as part of the 15(c) review process for the New Fund. At the Meeting, the Board considered: (1) the nature, extent andquality of the services to be provided to the New Fund by Cambria and Tidal; (2) Cambria’s and Tidal’s investment performance with respect to otherFunds managed by the same portfolio managers; (3) the costs of the services to be provided by Cambria and Tidal and the expected profitability to
Cambria and Tidal to be derived from their relationships with the New Fund; (4) the advisory fee and total expense ratio of the New Fund comparedto those of a relevant group of peer funds (the “Peer Group”); (5) the extent to which economies of scale would be realized as the New Fund grows
and whether the advisory fee would enable investors to share in the benefits of economies of scale; (6) benefits to be derived by Cambria, Tidal,
and their affiliates from their relationship with the New Fund; (7) Cambria’s and Tidal’s reputation, expertise and resources in the financial markets;(8) Cambria’s and Tidal’s investment management personnel; (9) Cambria’s and Tidal’s operations and financial condition; (10) Cambria’s and Tidal’s
compliance programs; and (11) other factors the Board deemed relevant.
The discussion immediately below outlines in greater detail the materials and information presented to the Board in connection with its consideration
and approval of the Agreements, and the conclusions made by the Board at the Meeting when determining to approve the Agreements for the
New Fund.
Nature, Extent and Quality of Services. The Board reviewed the nature, quality, and extent of the overall services to be provided by Cambria
and Tidal to the New Fund. In particular, the Board considered the responsibilities of Cambria and Tidal under the terms of the Agreements. The
Board recognized that Cambria had invested significant time and effort in structuring the Trust and the New Fund, arranging service providers,
exploring various sales channels, and assessing the appeal for the New Fund’s investment strategy. In addition, the Board considered that Cambria
is responsible for providing investment advisory services to the New Fund, monitoring compliance with the New Fund’s objectives, policies, andrestrictions, and carrying out directives of the Board. The Board noted that Tidal will be providing certain sub-advisory services to the Fund, such as
trading the Fund’s portfolio securities based on instructions from Cambria; oversight of general portfolio compliance with applicable securities laws,
regulations, and investment restrictions; proxy voting; responsibility for daily monitoring of portfolio exposures and quarterly reporting to the Board;and implementation of Board directives as they relate to the New Fund. The Board also considered the services provided by Cambria in the oversightof Tidal as well as the Trust’s distributor, administrator, transfer agent, and custodian. In addition, the Board evaluated the integrity of Cambria’s
and Tidal’s personnel, the professional qualifications and experience of the portfolio management team in managing assets, their experiences with
Cambria’s and Tidal’s services, and the adequacy of Cambria’s and Tidal’s resources and financial condition. Based on its review, within the context ofits full deliberations, the Board determined that it was satisfied with the nature, extent, and quality of the services to be provided to the New Fund
by Cambria and Tidal.
Performance. The Board noted that, since the New Fund had not yet commenced investment operations, it had no investment performance. The
Board considered that Cambria has been relatively successful managing other ETFs; however, the Board noted that most of Cambria’s Funds either
invest primarily in equities or employ allocation or tail risk strategies, not tactical bond strategies. Representatives from Cambria provided information
regarding, and led a discussion on, the factors that may impact the New Fund’s future performance, including current market conditions and Cambria’s
future expectations with respect to the New Fund’s strategies. The Board also discussed and considered the performance track record, investment
experience, professional background, and qualifications of the New Fund’s portfolio managers.

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Approval of Advisory Agreements & Board Considerations
April 30, 2024 (Unaudited)

Comparative Fees and Expenses. The Board considered the New Fund’s proposed advisory fee to be paid by the New Fund to Cambria and the
sub-advisory fee to be paid by Cambria to Tidal in relation to their respective estimated costs of their respective services to be provided to the New
Fund. The Trustees noted that the New Fund charges a unitary advisory fee through which, Cambria, not the New Fund, is responsible for paying manyof the expenses necessary to service the New Fund, including the expenses of other service providers. In considering the advisory and sub-advisory
fees and expense ratio, the Board reviewed and considered the fees in light of the nature, quality, and extent of the services to be provided by Cambria
and Tidal. Because the New Fund charges a unitary advisory fee, the Board considered how the New Fund’s total expense ratio compared to thoseof the funds in the Peer Group, noting how differences between fund strategies might impact fees. After comparing expense ratios, the Board notedthat the total expense ratio for the New Fund was within the range of total expense ratios charged by the funds in the Peer Group. The Board also
considered Cambria’s representation that it would continue to monitor the New Fund’s expense ratio, as compared to those of its Peer Group, andseek to ensure that the New Fund’s fees remain competitive. Based on its review, in the context of its full deliberations, the Board concluded that the
proposed advisory and sub-advisory fees appeared reasonable in light of the services to be rendered.
Costs and Profitability. The Board then considered the estimated profits to be realized by Cambria and Tidal in connection with providing theirrespective services to the New Fund. The Board noted that since the New Fund had not yet launched, it was difficult to estimate how profitable the
New Fund would be to Cambria and Tidal. The Board, however, reviewed estimated profit and loss information provided by Cambria and Tidal withrespect to the New Fund. In particular, the Board noted Cambria’s representation of its long-term commitment to the success of the New Fund andthe unitary fee structure under which Cambria bears the risk that the New Fund’s expenses may increase. The Board further considered the costs
associated with the personnel, systems, and equipment necessary to manage the New Fund and to meet the regulatory and compliance requirements
adopted by the SEC and other regulatory bodies as well as other expenses Cambria pays in accordance with the Advisory Agreement. Based on its
review, in the context of its full deliberations, the Board concluded that Cambria’s and Tidal’s expected profitability with respect to the New Fundappeared reasonable in light of the services Cambria and Tidal will render to the New Fund.
Other Benefits. The Board then considered the extent to which Cambria and Tidal will derive ancillary benefits from the New Fund’s operations.
The Board discussed that while Cambria did not have any affiliates that would benefit from the New Fund’s operations, Tidal’s affiliate, Tidal ETF
Services, LLC, will serve as the administrator to the New Fund. However, the Board also noted that under the Fund’s unitary fee structure, Cambria
will be paying Tidal ETF Services, LLC’s fee out of the management fee it receives from the New Fund. The Board also reviewed the degree to which
Cambria may receive compensation from the New Fund based upon the New Fund’s investment in other Cambria ETFs, noting that Cambria does notexpect the New Fund to invest its assets in other Cambria ETFs.
Economies of Scale. The Board next considered the absence of breakpoints in Cambria’s fee schedule for the New Fund and whether economies
of scale would be realized by the New Fund as its assets grow larger. The Board determined that it is difficult to predict when economies of scale might
be realized for Cambria and the New Fund, which had not launched yet. The Board, thus, determined to monitor potential economies of scale, as wellas the appropriateness of introducing breakpoints, as assets managed by the New Fund grow larger.
Conclusion. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its
reasonable business judgment, that the advisory and subadvisory arrangements, as outlined in the Agreements, was fair and reasonable in light of theservices to be performed, expenses to be incurred, and such other matters as the Board considered relevant. In approving the Agreements, the Board
did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. In lightof the foregoing, the Board, including a majority of the Independent Trustees, determined to approve the Agreements with respect to the New Fund.
Board Considerations in Approving the Investment Advisory Agreements for Cambria Micro and SmallCap Shareholder Yield ETF
The Board of Trustees (the “Board”) of Cambria ETF Trust (the “Trust”), including those Trustees who are not “interested persons” (as defined in theInvestment Company Act of 1940, as amended) of the Trust (the “Independent Trustees”), attended a telephonic meeting held on March 7, 2023 (the“Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the approval of (1) the investment advisory agreement
between Cambria Investment Management, L.P. (“Cambria”) and the Trust (the “Advisory Agreement”), and (2) the sub-advisory agreement between
Tidal Investments LLC (formerly, Toroso Investments, LLC) (“Tidal”) and Cambria (the “Sub-Advisory Agreement” and, together with the Advisory
Agreement, the “Agreements”), with respect to a newly proposed series of the Trust: Cambria Micro and SmallCap Shareholder Yield ETF (the “NewFund”). In preparation for its deliberations, the Board requested and reviewed written responses from Cambria to due diligence questionnaires
circulated on the Board’s behalf relating to the New Fund. The Board also reviewed a memorandum from Fund counsel discussing the legal standards
applicable to its consideration of the Agreements. During its deliberations, the Board received an oral presentation from Cambria and Tidal and was
assisted by the advice of independent legal counsel.
In evaluating the Agreements, the Board reviewed information regarding Cambria’s and Tidal’s personnel, operations, and financial condition. In
addition, the Board considered the evaluation process of Cambria and Tidal to be ongoing and, in this regard, the Board considered information about
Cambria and Tidal derived from prior meetings of the Board concerning Cambria’s and Tidal’s performance and services with respect to other series of
the Trust (the “Funds”) as part of the 15(c) review process for the New Fund. At the Meeting, the Board considered: (1) the nature, extent and quality
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Cambria ETF Trust

Approval of Advisory Agreements & Board Considerations
April 30, 2024 (Unaudited)of the services to be provided to the New Fund by Cambria and Tidal; (2) Cambria’s investment performance with respect to existing Funds with similar
investment strategies as well as other Funds managed by the same portfolio manager; (3) the costs of the services to be provided by Cambria and Tidal
and the expected profitability to Cambria and Tidal to be derived from their relationships with the New Fund; (4) the advisory fee and total expense
ratio of the New Fund compared to those of a relevant group of peer funds (the “Peer Group”); (5) the extent to which economies of scale would
be realized as the New Fund grows and whether the advisory fee would enable investors to share in the benefits of economies of scale; (6) benefits(such as soft dollars, if any) to be derived by Cambria, Tidal, and their affiliates from their relationship with the New Fund; (7) Cambria’s and Tidal’s
reputation, expertise and resources in the financial markets; (8) Cambria’s and Tidal’s investment management personnel; (9) Cambria’s and Tidal’soperations and financial condition; (10) Cambria’s and Tidal’s compliance programs; and (11) other factors the Board deemed relevant.
The discussion immediately below outlines in greater detail the materials and information presented to the Board in connection with its consideration
and approval of the Agreements, and the conclusions made by the Board at the Meeting when determining to approve the Agreements for the New
Fund for an initial two-year term.
Nature, Extent and Quality of Services. The Board reviewed the nature, quality, and extent of the overall services to be provided by Cambria andTidal to the New Fund. In particular, the Board considered the responsibilities of Cambria and Tidal under the terms of the Agreements. The Board
recognized that Cambria had invested significant time and effort in structuring the Trust and the New Fund, obtaining the necessary exemptive relief
from the Securities and Exchange Commission (“SEC”), arranging service providers, exploring various sales channels, and assessing the appeal for the
New Fund’s investment strategy. In addition, the Board considered that Cambria is responsible for providing investment advisory services to the New
Fund, monitoring compliance with the New Fund’s objectives, policies, and restrictions, and carrying out directives of the Board. The Board noted thatTidal will be providing certain sub-advisory services to the Fund, such as trading the Fund’s portfolio securities based on instructions from Cambria;
oversight of general portfolio compliance with applicable securities laws, regulations, and investment restrictions; proxy voting; responsibility fordaily monitoring of portfolio exposures and quarterly reporting to the Board; and implementation of Board directives as they relate to the New Fund.
The Board also considered the services provided by Cambria in the oversight of Tidal as well as the Trust’s distributor, administrator, transfer agent,and custodian. In addition, the Board evaluated the integrity of Cambria’s and Tidal’s personnel, the professional qualifications and experience ofthe portfolio management team in managing assets, their experiences with Cambria’s and Tidal’s services, and the adequacy of Cambria’s and Tidal’s
resources and financial condition. Based on its review, within the context of its full deliberations, the Board determined that it was satisfied with thenature, extent, and quality of the services to be provided to the New Fund by Cambria and Tidal.
Performance. The Board noted that, since the New Fund had not yet commenced investment operations, the New Fund had no investment
performance. The Board considered, however, that Cambria has been relatively successful managing Funds with similar investment strategies and/or portfolio holdings to the New Fund, including its suite of Shareholder Yield ETFs. Representatives from Cambria provided information regarding,and led a discussion on, the factors that may impact the New Fund’s future performance, including current market conditions and Cambria’s future
expectations with respect to the New Fund’s strategies. The Board also discussed and considered the performance track record, investment experience,
professional background and qualifications of the New Fund’s portfolio manager. The Board also noted that Tidal has not previously provided subadvisory services to the Funds, and Tidal does not currently manage funds and/or client accounts with investment strategies similar to those of the
New Fund. In addition, the Board noted that Cambria will retain responsibility for the day-to-day active management of the New Fund’s strategies andthe individual selection of investments for the New Fund’s portfolio. Accordingly, the Board determined that neither past nor future Fund performance
will be a significant consideration with respect to the Board’s approval of the Sub-Advisory Agreement.
Comparative Fees and Expenses. The Board considered the New Fund’s proposed advisory fee to be paid by the New Fund to Cambria and the
sub-advisory fee to be paid by Cambria to Tidal in relation to their respective estimated costs of their respective services to be provided to the New
Fund. The Trustees noted that the New Fund charges a unitary advisory fee through which, Cambria, not the New Fund, is responsible for paying manyof the expenses necessary to service the New Fund, including the expenses of other service providers. As such, the Board considered that the fees tobe paid to Tidal would be paid by Cambria from the unitary fee that Cambria receives from the New Fund, noting that the sub-advisory fee reflected
an arm’s-length negotiation between Cambria and Tidal.
In considering the advisory and sub-advisory fees and expense ratio, the Board reviewed and considered the fees in light of the nature, quality,and extent of the services to be provided by Cambria and Tidal. Because the New Fund charges a unitary advisory fee, the Board considered how
the New Fund’s total expense ratio compared to those of the funds in the Peer Group, noting how differences between fund strategies might impact
fees. After comparing expense ratios, the Board noted that the total expense ratio for the New Fund was within the range of total expense ratios
charged by its peer funds. In each instance where the New Fund’s expense ratio was materially higher than the expense ratio of one of its peer funds,
the Trustees were satisfied by the reasons for the New Fund’s higher expenses, including, but not limited to, significant differences between theinvestment strategies, portfolio holdings, or asset size of the New Fund and its peer funds. The Board also considered Cambria’s representation that
it would continue to monitor the New Fund’s expense ratio, as compared to those of its Peer Group, and seek to ensure that the New Fund’s fees
remain competitive. Based on its review, in the context of its full deliberations, the Board concluded that the proposed advisory and sub-advisory fees
appeared reasonable in light of the services to be rendered to the New Fund.

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Approval of Advisory Agreements & Board Considerations
April 30, 2024 (Unaudited)

Costs and Profitability. The Board then considered the estimated profits to be realized by Cambria and Tidal in connection with providing theirrespective services to the New Fund. The Board noted that since the New Fund had not yet launched, it was difficult to estimate how profitable the
New Fund would be to Cambria and Tidal. The Board, however, reviewed estimated profit and loss information provided by Cambria and Tidal withrespect to the New Fund. In particular, the Board noted Cambria’s representation of its long-term commitment to the success of the New Fund andthe unitary fee structure under which Cambria bears the risk that the New Fund’s expenses may increase. The Board further considered the costs
associated with the personnel, systems and equipment necessary to manage the New Fund and to meet the regulatory and compliance requirements
adopted by the SEC and other regulatory bodies as well as other expenses Cambria pays in accordance with the Advisory Agreement. Based on its
review, in the context of its full deliberations, the Board concluded that Cambria’s and Tidal’s expected profitability with respect to the New Fundappeared reasonable in light of the services Cambria and Tidal will render to the New Fund.
Economies of Scale. The Board next considered the absence of breakpoints in Cambria’s fee schedule for the New Fund and whether economies
of scale would be realized by the New Fund as its assets grow larger. The Board determined that it is difficult to predict when economies of scale
might be realized for Cambria and the New Fund, which had not launched yet. The Board further noted that because the New Fund will pay Cambria
a unified fee, any benefits from breakpoints in the sub-advisory fee schedule would accrue to Cambria, rather than Fund shareholders. The Board,
thus, determined to monitor potential economies of scale, as well as the appropriateness of introducing breakpoints, as assets managed by the New
Fund grow larger.
Other Benefits. The Board then considered the extent to which Cambria and Tidal will derive ancillary benefits from the New Fund’s operations.
The Board discussed the potential benefits to Cambria resulting from its ability to use the New Fund’s assets to engage in soft dollar transactions. The
Board noted that Cambria did not have any affiliates that would benefit from the New Fund’s operations. The Board also reviewed the degree to which
Cambria may receive compensation from the New Fund based upon the New Fund’s investment in other Cambria ETFs, noting that Cambria does notexpect the New Fund to invest its assets in other Cambria ETFs.
Conclusion. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its
reasonable business judgment, that the advisory and sub-advisory arrangements, as outlined in the Agreements, was fair and reasonable in light of theservices to be performed, expenses to be incurred, and such other matters as the Board considered relevant. In approving the Agreements, the Board
did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors. In lightof the foregoing, the Board, including a majority of the Independent Trustees, determined to approve the Agreements with respect to the New Fund.

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119Cambria ETF Trust

Liquidity Risk Management Program
April 30, 2024 (Unaudited)

Pursuant to the requirements of Rule 22e‐4 under the 1940 Act (the “Rule”), Cambria ETF Trust (the “Trust”), on behalf of each of its Funds, adopted
a liquidity risk management program (the “Program”) to govern the Trust’s approach to managing liquidity risk. The Rule seeks to promote effective
liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of theinterests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect the Funds’ particular risks, but not to eliminate
all adverse impacts of liquidity risk, which would be incompatible with the nature of such Funds. The Board has appointed Jonathan Keetz, the Chief
Operating Officer of Cambria Investment Management L.P., the investment adviser to the Funds, to serve as the program administrator for each Fund’s
Program (the “Program Administrator”).
At the December 5, 2023, quarterly meeting of the Board, the Trustees received a written report from the Program Administrator pertaining tothe operation, adequacy, and effectiveness of implementation of the Program for the year ended October 31, 2023. The report concluded that theProgram remains adequately designed to assess and manage the Funds’ liquidity risk and continues to be adequately and effectively implemented tomonitor and (as applicable) respond to any liquidity developments that impact the Funds. The report reflected that there were no liquidity events that
impacted the Funds’ ability to timely meet redemptions without dilution to existing shareholders. The report further noted that none of the Funds
have been required to set a highly liquid investment minimum, and no Fund breached the 15% limitation on illiquid assets during the reporting period.
In addition, the report indicated that no material changes have been made to the Program over the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to the Funds’ prospectus for more information
regarding the Funds’ exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

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Trustees and Officers
April 30, 2024 (Unaudited)

Position(s) Held with Trust,Term of Office, andLength of Time Served

Name, Address andYear of Birth

Principal Occupation
During Past 5 Years

Number of Funds inFund Complex
Overseen by Trustee

Other Directorships
Held by Trustee

INTERESTED TRUSTEE1
Mebane Faber
YOB: 1977

Chairperson of the Board,
Trustee, and Presidentof the Trust since 2018;
Vice President of the Trust(2013 – 2018); no set term

Co–Founder and Chief
Investment Officer (2006– present), Chief Executive
Officer (2018 – present),
Cambria Investment
Management, L.P.

15

None

Founder and Chief
Investment Officer, Orcam
Financial Group, d/b/a
Discipline Funds (investmentfirm) (2012 – present).
Retired

15

None

15

Founder and Portfolio
Manager, Southshore
Capital Partners (investmentfirm) (since 2010).

15

Trustee, AssetMark Mutual
Funds (since 2007); Trustee,
Wells Fargo GAI Hedge Funds(2007 – 2019); Director andChairman, Owens Realty
Mortgage Inc. (real estate)(2013 – 2019); Director,
Blue Calypso (e-commerce)(2015 – 2018).
Chairman and Chief
Executive Officer,
CordovaCann Inc. (Canadiandomiciled cannabis retail)(since 2017).

INDEPENDENT TRUSTEES

1
2

Cullen Roche
YOB: 1980

Trustee; no set term

Dennis G. Schmal
YOB: 1947

Trustee since 2013;
no set term

Thomas (Taz) M.
Turner, Jr.2
YOB: 1977

Trustee; no set term

Mr. Faber is an “interested person,” as defined by the Investment Company Act, because of his employment with and ownership interest in Cambria.
Messrs. Faber and Turner are first cousins, but they are not immediate family members for the purpose of identifying “interested persons” of theTrust as defined in the 1940 Act.
Position(s) Held with Trust, Term of Office,and Length of Time Served

Principal Occupation
During Past 5 Years

Aaron Perkovich
YOB: 1973

Treasurer and Principal Financial Officer since
Sept. 2023; no set term

Jonathan Keetz
YOB: 1988
Douglas Tyre
YOB: 1980

Vice President since Nov. 2020; no set term

Head of Fund Administration (since 2023), Fund Administration
Manager (2022 – 2023), Tidal ETF Services LLC; Assistant Director– Investments, Mason Street Advisors, LLC (2021 – 2022); Vice
President, U.S. Bancorp Fund Services, LLC (2006 – 2021).
Chief Operating Officer (since Nov. 2020) and Vice President (2015 2020), Cambria Investment Management, L.P.
Senior Principal Consultant, ACA Group, Compliance (May 2022 –Present); Compliance Director, Foreside Financial Group, LLC (April
2022 – May 2022); Compliance Director (2019 – 2022), AssistantCompliance Director (2018 – 2019) and Manager (2014 – 2017),
Cipperman Compliance Services, LLC.

Name and Year of Birth

OFFICERS

Chief Compliance Officer since May 2018;
no set term

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Cambria ETF Trust

Notice to Shareholders
April 30, 2024 (Unaudited)In early 2024, if applicable, shareholders of record received information for the distributions paid to them by the Funds during the calendar year 20023
via Form 1099. The Funds will notify shareholders in early 2025 of amounts paid to them by the Funds, if any, during the calendar year 2024.

Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Value ETF
Cambria Global Momentum ETF
Cambria Global Asset Allocation ETF
Cambria Value and Momentum ETF
Cambria Global Tail Risk ETF
Cambria Emerging Shareholder Yield ETF
Cambria Tail Risk ETF
Cambria Cannabis ETF
Cambria Trinity ETF
Cambria Global Real Estate ETF
Cambria Micro and SmallCap Shareholder Yield ETF
Cambria Tactical Yield ETF
(1)
(2)

(3)

(4)

Long-Term
Capital Gain
Distributions(1)
$0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

Dividend
Received
Deduction(2)100.00%0.00%
0.00%
10.05%
19.63%
100.00%0.00%
12.74%
0.00%
18.22%
6.69%
6.31%
37.83%
0.00%

Qualified
Dividend
Income(3)100.00%66.74%
46.40%
62.17%
31.03%
100.00%0.00%
52.26%
0.00%
26.46%
41.99%
41.86%
37.79%
0.00%

Foreign Taxes Foreign Source
Paid(4)
Income(4)1,380,782
10,632,543
8,826,516
1,834,472
4,296,956
804,995
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Funds designated the amounts above as long-term capital gain dividends.
Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and is reflected as a percentage of ordinary
income distributions.
The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation
Act of 2003 and it’s reflected as a percentage of ordinary income distributions. It is the intention of each of the aforementioned funds to designate
the maximum amount permitted by law.
Pursuant to Section 853(c) of the Internal Revenue Code, the Funds will designate the amounts as foreign taxes paid and foreign source income
earned between May 1, 2023 and April 30, 2024.

The information reported herein may differ from the information and distributions taxable to the shareholders for the year ending April 30, 2024.
Complete information will be computed and reported in conjunction with your 2024 Form 1099‐DIV.

122www.cambriafunds.com

Cambria ETF Trust

Supplemental Information
April 30, 2024 (Unaudited)

Notice to Shareholders
Net asset value, or “NAV”, is the price per share at which a Fund issues and redeems shares. It is calculated in accordance with the standard formula for
valuing mutual fund shares. The “Market Price” of a Fund generally is determined using the midpoint between the highest bid and the lowest offer on
the stock exchange on which the Shares of the Fund are listed for trading, as of the time that the Fund’s NAV is calculated. A Fund’s Market Price may
be at, above or below its NAV. The NAV of a Fund will fluctuate with changes in the market value of the Fund’s holdings. The Market Price of a Fundgenerally fluctuates in response to changes in its NAV, as well as market supply and demand. The data represented in the table below represents past
performance and cannot be used to predict future results.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of a Fund on a given day, generally at thetime NAV is calculated. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of a NAV. A discount is theamount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV.

Cambria Shareholder Yield ETF
Cambria Foreign Shareholder Yield ETF
Cambria Global Value ETF
Cambria Global Momentum ETF
Cambria Global Asset Allocation ETF
Cambria Value and Momentum ETF
Cambria Global Tail Risk ETF
Cambria Emerging Shareholder Yield ETF
Cambria Tail Risk ETF
Cambria Cannabis ETF
Cambria Trinity ETF
Cambria Global Real Estate ETF
Cambria Micro and SmallCap Shareholder Yield ETF(a)Cambria Tactical Yield ETF(a)(a)

Market PriceOne Year Total Return20.82%
12.35%
10.61%
4.86%
9.55%
17.72%-12.46%24.62%-16.39%13.47%
6.54%
2.80%
—
—

Market Price,
End of Period
$
68.91
26.80
21.58
28.35
28.44
28.70
16.64
34.24
11.78
6.76
25.47
23.71
25.47
25.28

Inception date January 4, 2024.

FUND PROXY VOTING POLICIES & PROCEDURESThe Funds’ policies and procedures used to determine how to vote proxies relating to portfolio securities are available, without charge and uponrequest, by calling 855–ETF–INFO (383–4636). This information is also available on the SEC’s website at www.sec.gov.
Information regarding how each Fund voted proxies for portfolio securities, if applicable, during the most recent 12–month period ended June 30,
is also available without charge and upon request, by calling 855–ETF–INFO (383–4636) or accessing the Trust’s Forms N–PX on the SEC’s website
at www.sec.gov.

PORTFOLIO HOLDINGS
Quarterly holdings as of the first and third fiscal quarters are available on the Funds’ website at www.cambriafunds.com. The Funds file complete
schedules of their portfolio holdings with the SEC for the first and third fiscal quarters on Form N‐PORT. Copies of the Funds’ Form N‐PORT reports areavailable, without charge and upon request, by calling 855–ETF–INFO (383–4636). This information is also available on the SEC’s website at www.sec.gov.

PREMIUM/DISCOUNT INFORMATION
A table showing the number of days the market price of each Fund’s shares was greater than the Fund’s net asset value and the number of days it
was less than the Fund’s net asset value (i.e., premium or discount) for the most recently completed calendar year, and the most recently completed
calendar quarters since that year end (or the life of the Fund, if shorter) are available on the Funds’ website at www.cambriafunds.com.

Annual Report | April 30, 2024 

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Investment Adviser:
Cambria Investment Management, L.P.
3300 Highland Ave
Manhattan Beach, CA 90266
Investment Sub-Adviser:
Tidal Investments LLC
234 West Florida Street, 2nd Floor
Milwaukee, WI 53204
Distributor:
ALPS Distributors Inc.
1290 Broadway Suite 1000
Denver, CO 80203
Legal Counsel:
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004-2541
Independent Registered Public Accounting Firm:
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio, 44115
Custodian
U.S. Bank N.A. Custody Operations
1555 North RiverCenter Drive, Suite 302
Milwaukee, Wisconsin 53212
Fund Administrator
Tidal ETF Services LLC
234 West Florida Street, Suite 203
Milwaukee, Wisconsin 53204
Transfer Agent, Fund Accountant and Fund Sub-Administrator
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
This information must be preceded or accompanied by a current prospectus.